Ferrellgas Acquires Propane Assets Of Western Petroleum
Ferrellgas Partners, L.P. (NYSE: FGP) announced today the acquisition of the propane operation of Western Petroleum of Roosevelt, Utah. The acquisition, which is Ferrellgas' fifth in its fiscal year that began August 1, 2012, will be immediately accretive. Terms were not disclosed.
Thanks to its solid residential and industrial customer base in northeast Utah, northwest Colorado and Wyoming, Western Petroleum strengthens Ferrellgas' presence in portions of the country it has long targeted for growth.
"The acquisition of the propane assets of Western Petroleum is a historic one for Ferrellgas, because it gives us our first retail location in the state of Utah," explained Steve Wambold, Ferrellgas President and Chief Executive Officer. "On the heels of our recent acquisition of barbeque tool provider Mr. Bar-B-Q, we're pleased today to quickly announce the purchase of yet another quality company."
Wambold also provided updated financial guidance for fiscal 2013 in light of strong February and March results. "Adjusted EBITDA in the first two months of the quarter increased at a double-digit pace over year-ago levels on strong business fundamentals that more than offset nationwide temperatures that still were 7.6% warmer