Ferrellgas Acquires Connecticut-Based IGS Propane
OVERLAND PARK, Kan., Dec. 18, 2012 /PR Newswire/ — Ferrellgas Partners, L.P. (NYSE: FGP), one of the nation's largest distributors of propane, announced today the acquisition of IGS Propane, the propane division of Industrial Gas & Supply of Naugatuck, Connecticut. The landmark purchase is Ferrellgas' first in The Constitution State. Specific terms of the transaction were not disclosed. The transaction will be immediately accretive.
"Ferrellgas has serviced customers in Connecticut from neighboring states for a number of years, but our purchase of IGS Propane gives us an even stronger presence in the state and in the region," says President and Chief Executive Officer Steve Wambold. "We have long targeted New England for growth, and the addition of this quality business will enable us to more efficiently serve existing customers in Connecticut and south central Massachusetts and introduce our industry-leading propane service to new customers."
IGS Propane is Ferrellgas' third acquisition in its fiscal year that began August 1, 2012. The company previously announced the purchase of Flores Gas of El Paso, Texas, on October 31 and Capitol City Propane of Sacramento, California, on September 4. Ferrellgas has completed approximately 240 acquisitions during its 73-year history, a strategy that has enabled the company to grow from a single-location, independently owned propane retailer to a publicly traded company that is now one of the largest propane companies in the country.
Ferrellgas Partners, L.P., 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 21.7 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.
Tom Colvin, Investor Relations, (913) 661-1530
Scott Brockelmeyer, Media Relations, (913) 661-1830
SOURCE Ferrellgas Partners, L.P.
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