Ferrellgas Announces Two Acquisitions, Grows Footprint in Tennessee
August 07 2017 - 9:00AM
Ferrellgas Partners, L.P. (NYSE:FGP) today announced the
acquisition of two Tennessee propane retailers, Lindsey Propane and
Sevier County Propane. The transaction is expected to be
immediately accretive and will allow Ferrellgas to better service
customers in central and eastern Tennessee regions. Terms of the
transaction were not disclosed.
A local provider in Williamsport, Tennessee, Lindsey Propane
offers commercial, industrial, agricultural, and residential
propane services to customers in nine middle Tennessee counties.
For more than 20 years, Lindsey has been known for its commitment
to providing world class service and clean-burning propane at
competitive prices.
Based in Sevierville, Tennessee, Sevier County Propane has
serviced customers in the Knoxville and eastern Tennessee regions
for more than 25 years. With a dedication to customer
relationships, the team at Sevier prides itself in going above and
beyond to meet their customers’ needs in Sevier, Knox, and
Jefferson counties.
“For decades, Lindsey Propane and Sevier County Propane have
been known for their commitment to ‘hometown service,’ and we plan
to continue that tradition,” said Ferrellgas President and Interim
Chief Executive Officer Jim Ferrell. “Bringing these companies on
board allows us to enhance our operating efficiencies and more
effectively serve new and existing customers in mid and east
Tennessee. Further, these moves are clear evidence that Ferrellgas
remains active and committed to smart growth through acquisitions
that complement our operating model.”
The acquisitions are the most recent of nearly 240 acquisitions
in the more than 75-year history of Ferrellgas. By strategically
acquiring new businesses, the company has grown its footprint from
a single location to a nationwide network and is now one of the
leading 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, 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 28, 2016. Investors can request a
hard copy of this filing free of charge and obtain more information
about the partnership online at www.ferrellgas.com.
Contacts
Jack Herrold, Investor Relations – jackherrold@ferrellgas.com, 913-661-1851
Jim Saladin, Media Relations – jimsaladin@ferrellgas.com, 913-661-1833
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