New York private equity firm Revelar Capital announced Thursday that it has acquired propane distributor Lettermen's Energy.
Revelar, formerly Wellspring Capital Management, added that Lettermen's subsequently acquired a pair of additional propane distributors: Mile High Propane in Colorado and Aspen Valley Propane in Washington state.
Terms of the deals were not disclosed.
Revelar officials said that Lettermen's has grown to a footprint of more than 20 states and a customer base of over 50,000 since it was founded in 2021. The company also has a “deep, actionable acquisition pipeline” to enable further expansion, the firm said.
"We built Lettermen's with a distinct vision to combine our experience leading a scaled national propane platform with the local expertise of best-in-class regional distributors across the country," Steve Wambold, the company’s co-founder and CEO, said in a statement. "We are thrilled to partner with the team at Revelar, who bring an invest-for-growth mentality and proven track record of scaling specialty distribution businesses into market leaders.”
