Ferrellgas Announces Acquisition of Selph’s Propane to Fuel Rapidly Growing Colorado Market
June 15 2016 - 9:00AM
Ferrellgas Partners, L.P. (NYSE:FGP) today announced the
acquisition of Selph’s Propane, an independent propane retailer
based in Pagosa Springs, Colorado. The transaction is expected to
be immediately accretive and stands as proof positive of the
partnership’s commitment to growing its core propane business
through acquisitions that fit its operating model. Terms of the
transaction were not disclosed.
“We are thrilled to welcome Selph’s employees and
customers to the Ferrellgas family,” said Ferrellgas’ President and
Chief Executive Officer Steve Wambold. “Selph’s is a strong,
family-run business, the type that has long been the hallmark of
our acquisition efforts. Two years ago we made the strategic
decision to expand organically into the Durango, Colorado market,
and this complementary addition was a great opportunity to even
more rapidly grow our footprint there.”
Testament to the fact that Ferrellgas remains the
propane industry’s leading consolidator, Selph’s Propane is the
most recent of nearly 240 propane acquisitions the company has
completed during its more than 75-year history – moves that have
helped it grow from a single-location, independently owned propane
provider to one of the largest publicly traded propane retailers
in the United States. In 2014, the company also began
aggressively pursuing a diversification strategy that has seen it
begin to acquire assets in the crude oil midstream, as well.
About FerrellgasFerrellgas
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, and provides
midstream services to major energy companies in the United
States. 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 29, 2015. Investors can request a
hard copy of this filing free of charge and obtain more information
about the partnership online at www.ferrellgas.com.
Contact:
Jim Saladin, Media Relations – jimsaladin@ferrellgas.com, 913-661-1833
Scott Brockelmeyer, Media Relations – scottbrockelmeyer@ferrellgas.com, 913-661-1830
Jack Herrold, Investor Relations – jackherrold@ferrellgas.com, 913-661-1851
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