OVERLAND PARK, Kan.,
April 3, 2013 /PRNewswire/ --
Ferrellgas Partners, L.P. (NYSE:FGP), one of the nation's largest
distributors of propane, announced today the acquisition of the
propane operation of Western Petroleum of Roosevelt, Utah. The acquisition, which is
Ferrellgas' fifth in its fiscal year that began August 1, 2012, will be immediately accretive.
Terms were not disclosed.
Thanks to its solid residential and industrial customer base in
northeast Utah, northwest
Colorado and Wyoming, Western Petroleum strengthens
Ferrellgas' presence in portions of the country it has long
targeted for growth.
"The acquisition of the propane assets of Western Petroleum is a
historic one for Ferrellgas, because it gives us our first retail
location in the state of Utah,"
explained Steve Wambold, Ferrellgas
President and Chief Executive Officer. "On the heels of our recent
acquisition of barbeque tool provider Mr. Bar-B-Q, we're pleased
today to quickly announce the purchase of yet another quality
company."
Wambold also provided updated financial guidance for fiscal 2013
in light of strong February and March results. "Adjusted EBITDA in
the first two months of the quarter increased at a double-digit
pace over year-ago levels on strong business fundamentals that more
than offset nationwide temperatures that still were 7.6% warmer
than normal through February." He concluded, "With four months
still remaining in the fiscal year, we anticipate financial results
nearing the upper end of our previously provided guidance by the
end of the third quarter." The partnership previously provided
Adjusted EBITDA guidance of $245 to $260
million for fiscal 2013. The partnership's fiscal third
quarter ends April 30.
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.
Contact:
Tom Colvin, Investor Relations,
(913) 661-1530
Scott Brockelmeyer, Media Relations,
(913) 661-1830
SOURCE Ferrellgas Partners, L.P.