Bluewave Energy is a Nova Scotia-based full-service fuel company that delivers heating oil, diesel, gasoline and heavy fuel oil to homes and businesses.
In late 2006, Bluewave management had the opportunity to purchase Thermoshell, the heating oil and commercial diesel distribution assets of Shell Canada in the Maritimes and parts of Ontario.
To complete the purchase, Bluewave was under substantial pressure to close the transaction within 30 to 45 days. Bluewave chose Birch Hill as a financial partner who could meet that deadline and shared management’s vision for growth. Based upon the successful transition of the Thermoshell business to Bluewave, Shell also decided to sell its similar Western Canadian distribution assets to Bluewave. These transactions created a national platform to pursue further consolidation of the fuel distribution market.
ROI – In January 2010, Bluewave was sold to Parkland Income Fund for $214 million. During Birch Hill’s ownership, earnings more than tripled as the company grew organically and via acquisition.