Ferrellgas Acquires Texas-Based Federal Petroleum Company
OVERLAND PARK, Kan., Oct. 20, 2011 /PRNewswire/ — Ferrellgas Partners, L.P. (NYSE: FGP) today announced the acquisition of Federal Petroleum Company, an independent propane retailer with locations in Weslasco and Brownsville, Texas. The acquisition opens new market areas for Ferrellgas and marks the partnership’s second acquisition of its young fiscal year, which began August 1, 2011. Terms of the deal were not disclosed.
“The addition of Federal Petroleum provides us with a strategic entry into the Brownsville market, a vital hub for the transport of goods heading to and from Mexico,” President and Chief Executive Officer Steve Wambold says. “In addition to a strong residential base, this acquisition also gives us the opportunity to service an attractive commercial market, which is a particular strength for Ferrellgas. We look forward to continuing Federal’s long tradition of excellent service to the residents and businesses throughout the area.”
This most recent purchase adds to the approximately 230 acquisitions the company has completed in its more than 70-year history. During that time, Ferrellgas has grown from a single-location, independently owned propane retailer to a publicly traded company that is one of the largest propane retailers in the United States.
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.