OVERLAND PARK, Kan.,
Dec. 23, 2013 /PRNewswire/
-- Ferrellgas Partners, L.P. (NYSE: FGP), one of the nation's
largest distributors of propane, announced today the acquisition of
Motor Propane Service, an independent propane company with
locations in Manitowoc and
Sheboygan, Wis.
It is Ferrellgas' second acquisition in its fiscal year that
began August 1, 2013, joining the
company's recent purchase of KanGas Corporation, which was
completed on Nov. 25, 2013. Specific
terms of the transaction, which the company indicates will be
immediately accretive, were not disclosed.
"Ferrellgas can boast more than 50 locations across the state of
Wisconsin," said President and
Chief Executive Officer Steve
Wambold. "It's a part of the country we know well, and we're
successful there because we've demonstrated our ability to provide
outstanding service at a fair price. By adding a tremendous company
like Motor Propane Service to the fold, we're bringing talented new
employees on board and increasing the number of people who will
rely on us for propane during the winter heating season and for
many years to come. We're very proud to welcome all of them to
Ferrellgas."
Wambold further stated that the company's second fiscal quarter,
which runs from Nov. 1, 2013, to
Jan. 31, 2014, is performing to plan
based on Ferrellgas' strong operating fundamentals and seasonal
nationwide temperatures.
"As a result of this performance, we are reiterating financial
guidance for fiscal 2014 of $265 million to
$275 million," Wambold said.
Ferrellgas Partners, L.P., through its operating partnership,
Ferrellgas, L.P., serves customers in all 50 states, the
District of Columbia and
Puerto Rico. Ferrellgas employees
indirectly own more than 21 million common units of the partnership
through an employee stock ownership plan. More information about
the partnership can be found online at www.ferrellgas.com.
Contacts:
Tom Colvin,
Investor Relations, tomcolvin@ferrellgas.com or (913) 661-1530
Scott Brockelmeyer, Media Relations,
scottbrockelmeyer@ferrellgas.com or (913) 661-1830
SOURCE Ferrellgas Partners, L.P.