Isle Gas Acquires AmeriGas Hawaii Propane Assets

Houston, Texas (Sept. 22, 2025) — Isle Gas acquires AmeriGas Hawaii propane assets through its parent company AMF Hawaiʻi Investment Holdings, LLC, from AmeriGas Propane, L.P., the nation’s largest retail propane distributor. The transaction was closed on Sept. 12, 2025.

AmeriGas is a wholly owned subsidiary of UGI Corporation. Serving more than 1.1 million customers across all 50 states, AmeriGas delivers over 820 million gallons of propane each year through its network of roughly 1,360 locations. Speaking about the transaction, Mike Sharp, president of AmeriGas, said, “This divestiture reflects our commitment to maximize value through strategic portfolio management coupled with our unwavering focus on driving better operational and financial performance.”

“Isle Gas’ purchase of these assets will increase our family of companies’ ability to support a continued focus on energy efficiency, resiliency and sustainability consistent with Hawaii’s climate objectives,” said Alicia Moy, CEO of Isle Gas. “We are committed to making this a smooth transition process for AmeriGas customers as they transition to Isle Gas, providing them with continued safe, reliable and excellent service.”

Barrett Conway, managing director at Cetane, commented, “We are proud to have supported AmeriGas in this significant transaction. Congratulations to Michael Sharp and the teams involved on a successful transition that will ensure continued reliable service for customers across the islands.”

Cetane served as the sole arranger to AmeriGas. Cetane advised on the sale, including an initial valuation opinion, marketing the business through a confidential process, assisting in negotiating the final deal terms and coordinating the due diligence process. Team members Trey Brasseaux, Tamera Kovacs, Fred Lord and Barrett Conway managed the transaction.