Ferrellgas Acquires Wisconsin's Polar Gas Company
Third acquisition of its fiscal year a strategic complement for the partnership
OVERLAND PARK, Kan., Nov. 17, 2011 /PRNewswire/ -- Ferrellgas Partners, L.P. (NYSE: FGP) one of the nation's largest propane retailers, announced today the acquisition of Polar Gas Company. Based in Poplar, Wisconsin, Polar brings nearly 4,000 new customers to the partnership's existing customer base.
The addition significantly strengthens Ferrellgas' hold in Wisconsin, a key cold-weather market. Polar's operations, which include a satellite office in nearby Solon Springs, are a complement to the company's already robust presence in the state and position Ferrellgas as a seamless provider in the area.
"The purchase of Polar Gas is further testament to our desire to grow by aggressively pursuing and acquiring well-run propane companies," said Ferrellgas' President and Chief Executive Officer Steve Wambold. "Like Ferrellgas, Polar has a well-earned reputation for service and safety, and is a strong addition to our existing operations in the Great Lakes region. It's a great strategic and operational fit for us."
Polar Gas is Ferrellgas' third acquisition of its young fiscal year, which began on August 1. The company added Economy Propane of Lakeport, California, in late September and followed up by adding Federal Petroleum Company, a Texas-based retailer, in October. Polar is the latest of more than 230 acquisitions the company has completed during its 72-year history.
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.
SOURCE Ferrellgas Partners, L.P.
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