Who Bought Dead River Company

A family-owned gasoline company with deep roots in Maine proposed to a non-public equity agency this spring, reflecting a nationwide pattern of merchants seeking earn short-term income as the cost of fossil fuel increases. South Portland made an offer of an undisclosed amount to Redwood Capital Investments of Maryland, which has purchased or invested in more than a dozen gasoline and propane gas corporations nationwide since 2015. Redwood Capital has failed to pay words immediately asked for comment. Redwood Capital’s acquisition of Dead River, which claims to be the most important provider of heating services in northern New England, could net it a hefty fee. The state of Maine is heavily dependent on fossil fuels for heat, but the state plans to make a serious shift to renewable energy within a decade. In Maine, 3 out of 5 households use gasoline as their primary source of heat. That’s likely a larger percentage than some other states, with just 9% of US households largely using oil, according to the federal Vitality Information Administration. Fuel producers continue to participate in some potential value drops like the one early in the pandemic, experts say. The U.S. Electricity Administration’s Winter Fuel Outlook estimates that U.S. households using heating oil could spend between 30% and 59% more than they did last winter, based on temperature. Propane customers can spend between 29% and 94% more. The development is profitable for Redwood Capital and various non-public equity firms, which have collectively invested $1.1 trillion in the electricity sector since 2010. Much of it is in the electricity sector. into fossil gasoline corporations, with just 12 percent in renewables, according to PitchBook, a brand-new funding and assessment track by the nonprofit Equity Stakeholder Equity. local weather changes. Democratic Governor Janet Mills in her local weather advocacy plan set a goal of reaching 80% renewable energy statewide by 2030. At the time, the head of Maine’s Public Employees Retirement System instructed Reuters that the $17.6 billion system has about $1.3 billion in fossil fuel public investment and about two-thirds of that investment in oil, gas and utilities corporations. labour. The Stakeholder’s commitment to Non-Public Equity is driving further disclosure in non-public equity offers, which are often kept silent. Alyssa Giachino, the mission’s director of analytics for the local weather, mentions that these companies sometimes have to deal with extracting as much revenue as they can from any given grant over time. briefly, said Alyssa Giachino, the mission’s director of analysis for the local weather. , we’re at a point where every actor needs to perform his role,” she mentioned. owned by an identical household since 1909. Dead River has acquired more than 50 regional heating gas corporations over the past 25 years, along with the company’s latest purchase in September of Giroux Vitality Options. of Portland. is a forestry company and is named after a river that flows through its former woodland in western Maine. It entered the petroleum business in the mid-thirties and established its headquarters in Bangor. It launched the entire forest products business in 1987, and shifted its focus to petroleum merchandise distribution, industrial real estate improvement, and convenience retailer management. Now headquartered mainly in South Portland, the company operates its petroleum businesses in Maine, New Hampshire, Vermont and western Massachusetts. “Lisa Morrissette, company spokeswoman, mentioned.” The family decided to look for a buyer they could trust in the company’s future, someone who aligns with their values,” she said. Read more: Ex-Macomb Judge ‘Scary Mary’ brings a no-nonsense approach to TV