Ferrellgas Partners, L.P. Announces Acquisition of Reliable Propane
01 Março 2019 - 11:00AM
Ferrellgas Partners, L.P. (NYSE:FGP) (“Ferrellgas” or the
“Company”) today announced the acquisition of Reliable Propane, a
third-party Blue Rhino distributor based in Sikeston, Missouri. The
transaction is expected to be immediately accretive and is further
evidence of the partnership’s longstanding commitment to growing
its core propane business. Terms of the transaction were not
disclosed.
Reliable Propane is a long-time independent
distributor for Blue Rhino, delivering propane cylinders to retail
partners in the Midwest and south from locations in Springfield,
Missouri; Starkville, Mississippi; Olive Branch, Mississippi; and
Benton, Arkansas. The acquisition is further evidence of the
company’s commitment to both growing its tank exchange segment and
identifying ways to improve operational efficiencies and lower
production and delivery expenses. Ferrellgas previously announced
the acquisitions of American Propane in Oklahoma City, Oklahoma, in
January 2019; Co-Op Butane of Bush, Louisiana, in December 2018;
Wylie LP Gas of Lubbock, Texas, in November 2018; and Salathe Gas
of Harvey, Louisiana, and North Star Exchange of Walton, Indiana,
in October 2018.
“We’re pleased today to fold yet another
longtime third-party Blue Rhino distributor into our operations,”
said James E. Ferrell, Interim Chief Executive Officer and
President. “The efficiencies we are gaining as a result of these
moves will continue to benefit our industry-leading tank exchange
business.”
In its nearly 80 years in business, Ferrellgas
has acquired nearly 300 independent retail companies – moves that
have helped the company grow from a single location, independently
owned propane retailer to a publicly traded company that is one of
the largest propane retailers in the United States.
About Ferrellgas
Ferrellgas Partners, L.P., through its operating
partnership, Ferrellgas, L.P., and subsidiaries, serves propane
customers in all 50 states, the District of Columbia, and Puerto
Rico. Ferrellgas employees indirectly own 22.8 million common units
of the partnership, through an employee stock ownership plan.
Ferrellgas Partners, L.P. filed a Form 10-K with the Securities and
Exchange Commission on September 27, 2018. Investors can request a
hard copy of this filing free of charge and obtain more information
about the partnership online at www.ferrellgas.com.
Forward Looking Statements
Statements in this release concerning
expectations for the future are forward-looking statements. A
variety of known and unknown risks, uncertainties and other factors
could cause results, performance, and expectations to differ
materially from anticipated results, performance, and expectations.
These risks, uncertainties, and other factors include those
discussed in the Form 10-K of Ferrellgas Partners, L.P., Ferrellgas
Partners Finance Corp., Ferrellgas, L.P., and Ferrellgas Finance
Corp. for the fiscal year ended July 31, 2018, and in other
documents filed from time to time by these entities with the
Securities and Exchange Commission.
Contacts
Bill Ruisinger, Interim Chief Financial Officer –
billruisinger@ferrellgas.com, 816-792-7914
Ferrellgas Partners (NYSE:FGP)
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