WHIPPANY, N.J., Dec. 15, 2015 /PRNewswire/ -- Suburban
Propane Partners, L.P. (NYSE: SPH), a nationwide distributor of
propane, fuel oil and related products and services, as well as a
marketer of natural gas and electricity, today announced that it
has acquired the assets of Propane USA, a propane marketer headquartered in
Margate, Florida, and its
affiliate companies, for $45.0
million. The purchase price was funded entirely from
cash on hand.
Propane USA will add
approximately 7,600 residential and commercial customers and
approximately 4.7 million gallons of retail propane sales to the
Partnership's operations in Florida.
In making the announcement, Chief Development Officer
Mark Wienberg said, "The acquisition
of Propane USA demonstrates our
commitment to investing in external growth opportunities in
strategic markets. Propane USA is
a very well-run business with a solid track record that will expand
our service territory on the east and west coasts of southern
Florida. This acquisition will be
immediately accretive and, once we apply our operating model, will
result in additional synergy opportunities. We are excited to
welcome Propane USA's customers to
Suburban Propane and look forward to providing them with continued
excellence in customer service."
Suburban Propane Partners, L.P. is a publicly-traded master
limited partnership listed on the New York Stock Exchange.
Headquartered in Whippany, New
Jersey, Suburban has been in the customer service business
since 1928. The Partnership serves the energy needs of
approximately 1.1 million residential, commercial, industrial and
agricultural customers through 700 locations in 41 states.
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SOURCE Suburban Propane Partners, L.P.