Suburban Propane Partners, L.P. (SPH), a nationwide distributor of propane, fuel oil and related products and services, as well as a marketer of natural gas and electricity, has announced that it has acquired the assets of Propane USA, a propane marketer headquartered in Margate, Florida, and its affiliate companies, for US$45.0 million. The purchase price was funded entirely from cash on hand.
Propane USA will add approximately 7600 residential and commercial customers and approximately 4.7 million gal. of retail propane sales to the Partnership's operations in Florida.
In making the announcement, Chief Development Officer Mark Wienberg said, "The acquisition of Propane USA demonstrates our commitment to investing in external growth opportunities in strategic markets. Propane USA is a very well run business with a solid track record that will expand our service territory on the east and west coasts of southern Florida. This acquisition will be immediately accretive and, once we apply our operating model, will result in additional synergy opportunities. We are excited to welcome Propane USA's customers to Suburban Propane and look forward to providing them with continued excellence in customer service."
Adapted from press release by Rosalie Starling
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/16122015/suburban-propane-partners-acquires-propane-usa-1988/