Closed transaction

Project Gas Station & C-Store

Advised by
Client
Counterparty
Deal stage: Closed transaction
Service: Sell
Sector: Consumer and Retail
Sub-sector: Other Retail
Market: Americas
Contact: mcarter@cartermorse.com

Deal details

Wheels of CT, Inc. operated as a leading, full-service retail fuel and convenience company based in Milford, Connecticut. The Company traced its roots back to 1936, when it first engaged in propane and petroleum distribution and operating service stations in Fairfield county. The Company changed its name to Consumers Petroleum of Connecticut Inc. and has expanded its footprint growing the business to 26 retail locations throughout Fairfield and New Haven counties, all under the Wheels brand name. The Company also operated 22 wholesale dealer accounts in Connecticut, New York and New Jersey. Consumers Petroleum generates approximately $100m+ of revenue

After a disciplined auction process, Global Partners was ultimately selected as the acquirer. Global, an $11 billion revenue NYSE-listed fuel marketing company, is one of the Northeast US’s largest independent owners, suppliers and operators of gasoline stations and convenience stores, tallying more than 1,600 total locations.

Carter Morse & Goodrich

Deal team

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Michael Carter RoleManaging Partner FirmCarter Morse & Goodrich Michael Carter is the founding principal of Carter Morse & Goodrich. View profile

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Adviser: Carter Morse & Goodrich
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Business Description: HEH Holdings LLC, headquartered in Stratford, Connecticut, is a third generation privately held company focused on water heating and storage systems for industrial and residential applications. The company owns several water heater brands including Hubbell, Vaughn Thermal, and Ace Heaters and has manufacturing operations in Connecticut, Massachusetts, and California. Background: Pursuant to HEH’s strategic plan to expand geographically across North America, RECO USA became an ideal candidate for a potential acquisition. The addition of RECO strengthens the companies’ ability to provide larger capacity water heating and storage solutions to a new set of commercial and industrial customers. RECO’s roots date to 1917 when it was known as the Richmond Engineering Company has become known throughout the industry as a leading manufacturer of ASME pressure vessels and water heaters, capable of designing and building storage tanks up to 15,000-gallon capacity. RECO was a spin out of Virginia American Industries, which sold the majority of its operations to Shamrock Environmental in December of 2020. The company produces both standard and engineered products for various customers across a variety of industries, including process industries, pulp and papermills, electric utilities, and municipal and governmental operations. Solution: Carter Morse & Goodrich was engaged to assist HEH Holdings LLC in its strategic acquisition of RECO USA. The purchase includes all the assets of RECO USA including the 125,000 sq. ft. manufacturing facility on a 15-acre parcel in Cayce, South Carolina. “We believe that RECO has found a great partner in HEH Holdings and are looking forward to its continued success under its new owner,” said former co-owner, Mike Schleinkofer. “We have no doubt that Bill Newbauer and his team at HEH Holdings LLC will remain committed to providing the highest quality products and service to the company’s customers, a commitment that began over a 100 years ago.” Ramsey Goodrich, Managing Partner of CMG, explained “We are thrilled to have advised the HEH Holdings team on this exciting transaction. This is another example of how CMG advises family-held and founder-led businesses on value-added transactions. We look forward to the continued success of RECO USA under the ownership of HEH Holdings.” Bill Newbauer, Chairman and CEO of HEH added “Our advisors at CMG provided invaluable advice and assistance in this transaction. I look forward to working with this talented team as we continue exploring new strategic acquisitions.”

Sell-side advisory

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Adviser: Carter Morse & Goodrich
Where: United States of America
Year: 2026

Arista Air Conditioning, a multi-generation family-owned business with over 70 years of experience, has grown into one of the largest independent contractors for HVAC service, repair, maintenance, and retrofit installation in the New York metropolitan area. The Buyer, Daikin Comfort North America, is subsidiary of Daikin Industries, Ltd., a Fortune 1,000 company with more than 100,000 employees worldwide and a leading indoor comfort solutions provider. This acquisition aligns with Daikin’s strategic initiative to enhance its service capabilities and expand its reach in the Northeast. The integration has enhanced Arista’s ability to deliver energy-efficient, customizable VRV systems that meet the evolving needs of commercial buildings, healthcare facilities, educational institutions, and luxury residential clients.

Sell-side advisory

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Where: United States of America
Year: 2026

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