Ferrellgas Acquires Motor Propane Service
OVERLAND PARK, Kan., Dec. 23, 2013 /PRNewswire/ -- Ferrellgas Partners, L.P. (NYSE: FGP), one of the nation's largest distributors of propane, announced today the acquisition of Motor Propane Service, an independent propane company with locations in Manitowoc and Sheboygan, Wis.
It is Ferrellgas' second acquisition in its fiscal year that began August 1, 2013, joining the company's recent purchase of KanGas Corporation, which was completed on Nov. 25, 2013. Specific terms of the transaction, which the company indicates will be immediately accretive, were not disclosed.
"Ferrellgas can boast more than 50 locations across the state of Wisconsin," said President and Chief Executive Officer Steve Wambold. "It's a part of the country we know well, and we're successful there because we've demonstrated our ability to provide outstanding service at a fair price. By adding a tremendous company like Motor Propane Service to the fold, we're bringing talented new employees on board and increasing the number of people who will rely on us for propane during the winter heating season and for many years to come. We're very proud to welcome all of them to Ferrellgas."
Wambold further stated that the company's second fiscal quarter, which runs from Nov. 1, 2013, to Jan. 31, 2014, is performing to plan based on Ferrellgas' strong operating fundamentals and seasonal nationwide temperatures.
"As a result of this performance, we are reiterating financial guidance for fiscal 2014 of $265 million to $275 million," Wambold said.
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.
SOURCE Ferrellgas Partners, L.P.