OVERLAND PARK, Kan., June 15, 2016 (GLOBE NEWSWIRE) -- Ferrellgas Partners, L.P. (NYSE:FGP) today announced the acquisition of Selph’s Propane, an independent propane retailer based in Pagosa Springs, Colorado. The transaction is expected to be immediately accretive and stands as proof positive of the partnership’s commitment to growing its core propane business through acquisitions that fit its operating model. Terms of the transaction were not disclosed.
“We are thrilled to welcome Selph’s employees and customers to the Ferrellgas family,” said Ferrellgas’ President and Chief Executive Officer Steve Wambold. “Selph’s is a strong, family-run business, the type that has long been the hallmark of our acquisition efforts. Two years ago we made the strategic decision to expand organically into the Durango, Colorado market, and this complementary addition was a great opportunity to even more rapidly grow our footprint there.”
Testament to the fact that Ferrellgas remains the propane industry’s leading consolidator, Selph’s Propane is the most recent of nearly 240 propane acquisitions the company has completed during its more than 75-year history – moves that have helped it grow from a single-location, independently owned propane provider to one of the largest publicly traded propane retailers in the United States. In 2014, the company also began aggressively pursuing a diversification strategy that has seen it begin to acquire assets in the crude oil midstream, as well.
Ferrellgas Partners, L.P., through its operating partnership, Ferrellgas, L.P., and subsidiaries, serves propane customers in all 50 states, the District of Columbia, and Puerto Rico, and provides midstream services to major energy companies in the United States. Ferrellgas employees indirectly own 22.8 million common units of the partnership, through an employee stock ownership plan. Ferrellgas Partners, L.P. filed a Form 10-K with the Securities and Exchange Commission on September 29, 2015. Investors can request a hard copy of this filing free of charge and obtain more information about the partnership online at www.ferrellgas.com.
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Source:Ferrellgas Partners, L.P.