What Stone Road Energy does

Stone Road Energy is a full-service retail distributor of heating oil and propane serving residential and commercial customers in the New England region of the United States. Founded in 2007 and headquartered in Gorham, the company operates as a portfolio company of Stone Road Capital Partners and has grown primarily through acquisition of established regional fuel distributors, including PitStop Fuels (acquired January 2018) and Dorr Oil Company, a Manchester, Vermont-based heating oil and propane distributor acquired in September 2021.

The company's core product offering is the distribution of heating oil and propane delivered via a direct distribution network that incorporates owned storage tanks and delivery equipment acquired alongside target distributors. Its customers are residential homeowners and commercial establishments requiring heating energy across New England markets. The company's go-to-market is sales-led and roll-up oriented: Stone Road Capital Partners provides strategic backing and equity capital, while dedicated financing partners — Rush Street Capital (for the Dorr Oil deal) and Crystal Financial (a $20 million facility in February 2018) — supply acquisition and growth capital.

Stone Road Energy's revenue model is the unit-volume sale of heating oil and propane through its acquired distribution networks; pricing is not publicly disclosed. The company employs between 11 and 50 staff across its operating geography, and its stated value proposition centers on reliable regional energy supply enabled by acquisition-funded expansion into established distributor footprints.

Name

Stone Road Energy

Website

https://stoneroadenergy.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

Stone Road Energy is a New England-based retail distributor of heating oil and propane for residential and commercial customers, operating as a roll-up platform under Stone Road Capital Partners that grows by acquiring regional fuel distributors.

Ownership category

akta.pro rank

Headquarters

HQ city

Gorham

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Infrastructure

Revenue model

1. Heating Oil Distribution: Distribution of heating oil to residential and commercial customers through acquired distributor networks.
2. Propane Distribution: Distribution of propane to residential and commercial customers through acquired distributor networks.

Go-to-market motion1 record

Distribution channels1 record

Core offering

Stone Road Energy distributes heating oil and propane to residential and commercial end customers across the New England region, operating through acquired regional distributors such as Dorr Oil Company in Manchester, Vermont. The company owns physical storage tanks and distribution equipment that support direct delivery of heating fuels to homes and businesses.

Product overview

Stone Road Energy is a portfolio company of Stone Road Capital Partners operating in the energy distribution sector. Based on available sources, the company has expanded its portfolio through the acquisition of Dorr Oil Company, a heating oil and propane distributor serving Manchester, Vermont. The company operates within the downstream petroleum and propane distribution market.

Differentiator

Problem solved

Functional benefit

Products and services

• Heating Oil Distribution Distribution of heating oil to residential and commercial end customers in the New England region via acquired distributor networks, using owned storage tanks and delivery equipment for direct-to-customer fuel delivery.
• Propane Distribution Distribution of propane to residential and commercial end customers in the New England region via acquired distributor networks, using owned storage tanks and delivery equipment for direct-to-customer fuel delivery.

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• Suburban Propane Partners: Suburban Propane Partners is one of the largest U.S. retail propane distributors (NYSE: SPH), serving residential, commercial, and industrial customers across the Northeast and nationwide. It is a natural benchmark for Stone Road's propane distribution operations and is also an active acquirer of regional fuel dealers.
• AmeriGas Partners: AmeriGas is the largest U.S. retail propane distributor (a subsidiary of UGI Corporation), with nationwide service to residential, commercial, and agricultural customers. It is directly comparable as a large incumbent competing for the same end markets and acquisition targets as Stone Road.
• Ferrellgas Partners: Ferrellgas is a publicly traded retail propane distributor serving residential, commercial, and industrial customers across the U.S. It is broadly comparable as an established national propane retailer with a complementary M&A strategy targeting small independent dealers.
• Global Partners LP: Global Partners is a Northeast-focused midstream and retail fuel distributor offering heating oil, propane, gasoline, and diesel. Its overlapping New England footprint and multi-product fuel distribution make it a relevant comparable for Stone Road's regional retail operations.

Regional players

• Energy North: Energy North is a Maine-based retail fuel distributor supplying heating oil, propane, diesel, and kerosene to residential and commercial customers. It is directly comparable as a similarly sized regional heating fuel dealer competing in adjacent New England markets.
• Dead River Company: Dead River Company is a privately held, family-owned provider of heating oil, propane, and HVAC services throughout northern New England. It operates in largely the same geography and end markets as Stone Road and is a likely direct competitor and acquisition-target profile.
• Mirabito Holdings: Mirabito is a privately held, family-owned energy and convenience retailer delivering heating oil, propane, and other fuels across upstate New York and the Northeast. It is comparable in business model, customer mix, and regional footprint to Stone Road.
• Eastern Propane & Oil: Eastern Propane & Oil is a regional retail propane and heating oil distributor serving parts of New England. Its product mix, customer base, and distribution model closely match Stone Road's core offering, making it a credible comparable and potential competitor.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/stone-road-energy-llc

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Stone Road Energy