JP Energy Partners Completes Acquisition of Southern Propane, Inc.
May 11 2015 - 8:00AM
Business Wire
JP Energy Partners LP (“JPE”) (NYSE:JPEP) announced today that
it has completed the previously announced acquisition of
substantially all of the assets of Southern Propane Inc.
(“Southern”), a Houston-based industrial and commercial propane
distribution and logistics company.
The $14.9 million acquisition is expected to be immediately
accretive to JP Energy’s distributable cash flow per unit and was
funded from JP Energy’s revolving credit facility and the issuance
of approximately 267,000 JPEP units.
“We are pleased to complete this acquisition which strategically
extends our current operations,” said J. Patrick Barley, CEO of JP
Energy. “We will continue to evaluate bolt-on acquisitions that are
accretive for our unit holders and create value for our
customers.”
About JP Energy Partners LP
JP Energy Partners LP (JPEP) is a publicly traded,
growth-oriented limited partnership that owns, operates, develops
and acquires a diversified portfolio of midstream energy assets.
Our operations currently consist of: (i) crude oil pipelines and
storage; (ii) crude oil supply and logistics; (iii) refined
products terminals and storage; and (iv) NGL distribution and
sales, which together provide midstream infrastructure solutions
for the growing supply of crude oil, refined products and NGLs in
the United States. To learn more, please visit our website at
www.jpenergypartners.com.
Forward looking statements
This press release may include forward-looking statements within
the meaning of the federal securities laws. Statements that do not
relate strictly to historical or current facts are forward-looking.
These statements contain words such as "possible," "if," "will" and
"expect" and involve risks and uncertainties including, among
others, that JPE's business plans may change as circumstances
warrant. When considering these forward-looking statements, you
should keep in mind the risk factors and other cautionary
statements in each of JPE’s documents and reports filed with the
Securities and Exchange Commission. Any forward-looking statement
applies only as of the date on which such statement is made and JPE
undertakes no obligation and does not intend to correct or update
these forward-looking statements to reflect events or circumstances
occurring after this press release except as required by law. You
are cautioned not to place undue reliance on these forward-looking
statements.
JP Energy Partners LPInvestor Relations,
866-912-3714investorrelations@jpep.com
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