Sep. 24, 2009 (PR Newswire) --
OVERLAND PARK, Kan., Sept. 24 /PRNewswire-FirstCall/ -- Ferrellgas Partners, L.P. (NYSE: FGP), one of the nation's largest propane retailers, announced today the acquisition of Vanson LLC, which serves approximately 29,000 customers in Michigan, Indiana and Illinois. Vanson, based in St. Joseph, Mich., operates out of 14 offices with 79 employees.
"Vanson represents our most significant retail propane acquisition since 2002, strengthening our existing geographic markets and providing immediate accretion to earnings," explained Chief Executive Officer Steve Wambold. "Importantly, this purchase reflects our disciplined strategy of growing through acquisitions as well as organically."
Ryan VanWinkle, Senior Vice President and Chief Financial Officer, commented, "We continue to see accretive acquisition opportunities and remain focused on selectively acquiring quality operations such as Vanson, which supplements our commitment to organic customer growth." He also pointed out, "The recent private placement of $300 million of Senior Notes due 2017 and refinancing of a $400 million working capital credit due 2012 provide ample flexibility to continue executing our business strategies."
Wambold added, "The ownership, management and employee complement of Vanson has been a pleasure to work with and we are excited to welcome them to the Ferrellgas team servicing our now expanded customer base."
Ferrellgas Partners, L.P., 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 partnership can be found online at www.ferrellgas.com.
Statements in this release concerning expectations for the future are forward-looking statements. A variety of known and unknown risks, uncertainties and other factors could cause results, performance and expectations to differ materially from anticipated results, performance and expectations. These risks, uncertainties and other factors are discussed in the Form 10-K of Ferrellgas Partners, L.P., Ferrellgas Partners Finance Corp., Ferrellgas, L.P., and Ferrellgas Finance Corp. for the fiscal year ended July 31, 2008, and other documents filed from time to time by these entities with the Securities and Exchange Commission.
Contact:
Tom Colvin, Investor Relations, 913-661-1530
Jim Saladin, Media Relations, 913-661-1833
SOURCE Ferrellgas Partners, L.P.
