Letterman’s Energy, a multi-regional distributor of propane, has been acquired by Revelar Capital, a private equity firm which invests exclusively across the healthcare services, business services and specialty manufacturing sectors.

Financial terms of the transaction were not disclosed.

According to a Dec. 18 news release, Lettermen’s Energy is a national distributor of propane in the U.S. with a footprint spanning 20 states. The company, which was founded in 2021 and headquartered in Kansas City, MO, serves more than 50,000 residential and commercial customers nationwide. It’s led by Co-founder and CEO Steve Wambold.

Lettermen’s recently expanded its national footprint through two additional strategic acquisitions that were completed shortly after the close of its acquisition by Revelar:

• Mile High Propane, a propane distributor for residential, commercial and industrial customers across Colorado; and
• Aspen Valley Propane, a strategically located distributor in Colville, WA, further strengthening Lettermen’s presence in the Pacific Northwest market

“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,” Wambold said. “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 by helping teams unlock accelerated growth. Together, we are better positioned than ever to continue to expand our platform and extend our delivery of excellent service to more customers across the country.”

“Steve and his team have built an incredible distribution platform in under five years through unparalleled execution of a robust M&A strategy and a relentless focus on providing the best possible service to a diversified base of customers across a thoughtfully constructed portfolio of end markets,” said Naishadh Lalwani, Managing Partner at Revelar. “I am confident Lettermen’s is prepared to capture the tremendous potential across the fragmented national propane market, and we look forward to supporting this team as it continues to accelerate its growth in the years ahead.”

Lettermen’s is Revelar’s fifth platform investment over the past 18 months, as the firm continues to identify and capitalize on compelling opportunities across its target sectors. In October 2025, Revelar announced its launch as the rebranded identity for Wellspring Capital Management, reflecting the team’s enduring commitment to revealing value and driving growth for its investors and across its portfolio.