OVERLAND PARK, Kan.,
Oct. 20, 2011 /PRNewswire/ --
Ferrellgas Partners, L.P. (NYSE: FGP) today announced the
acquisition of Federal Petroleum Company, an independent propane
retailer with locations in Weslasco and Brownsville, Texas. The acquisition opens new
market areas for Ferrellgas and marks the partnership's second
acquisition of its young fiscal year, which began August 1, 2011. Terms of the deal were not
disclosed.
"The addition of Federal Petroleum provides us with a strategic
entry into the Brownsville market,
a vital hub for the transport of goods heading to and from
Mexico," President and Chief
Executive Officer Steve Wambold
says. "In addition to a strong residential base, this acquisition
also gives us the opportunity to service an attractive commercial
market, which is a particular strength for Ferrellgas. We look
forward to continuing Federal's long tradition of excellent service
to the residents and businesses throughout the area."
This most recent purchase adds to the approximately 230
acquisitions the company has completed in its more than 70-year
history. During that time, Ferrellgas has grown 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.
Ferrellgas Partners, L.P. is a Fortune 1000 company and, through
its operating partnership, Ferrellgas, L.P., serves approximately
one million customers in all 50 states, the District of Columbia, and Puerto Rico. Ferrellgas employees indirectly
own more than 20 million common units of the partnership through an
employee stock ownership plan. More information about the company
can be found at http://www.ferrellgas.com.
Contact:
Jim Saladin at 913-661-1833 or
jimsaladin@ferrellgas.com
Tom Colvin at 913-661-1530 or
tomcolvin@ferrellgas.com
SOURCE Ferrellgas Partners, L.P.