Ferrellgas Acquires Welch Propane in Northeast Texas
Partnership makes key Lone Star addition in expanding Texarkana-area market
OVERLAND PARK, Kan., Nov. 30, 2011 /PRNewswire/ -- Ferrellgas Partners, L.P. (NYSE: FGP) today announced the acquisition of Welch Propane, a retail propane company based in northeast Texas. The addition brings approximately 5,000 new customers to Ferrellgas.
"Acquisitions have been the growth catalyst for Ferrellgas for more than 40 years," says President and Chief Executive Officer Steve Wambold. "We remain committed to acquiring companies with values that mirror ours – growth, customer service and safety – and that have strong reputations in the communities they serve. We are proud to welcome Welch's Employees and Customers to the Ferrellgas family, and excited to once again expand our footprint in the Lone Star State."
In addition to its home office in Atlanta, Texas, Welch Propane also has operations in Texarkana and Douglassville – a service footprint that is a strong strategic complement to Ferrellgas' existing operations in the area.
Welch is Ferrellgas' fourth acquisition of its fiscal year, which began on August 1, and follows the recent additions of Wisconsin-based Polar Gas, Economy Propane of Lakeport, California, and Federal Petroleum Company, another Texas-based retailer. Ferrellgas has completed more than 230 acquisitions during its 72-year history, a strategy that has grown the company from a single-location, independently owned propane retailer to a publicly traded, Fortune 1000 company that is now one of the largest propane companies in the country.
Ferrellgas Partners, L.P. is a Fortune 1000 company and, 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 more than 20 million common units of the partnership through an employee stock ownership plan. More information about the company can be found at http://www.ferrellgas.com.
Jim Saladin, Media Relations, 913-661-1833
Tom Colvin, Investor Relations, 913-661-1530
SOURCE Ferrellgas Partners, L.P.
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