Wednesday, December 30, 2015
Suburban Propane Partners LP (Whippany, N.J.) has acquired Propane USA, a propane marketer with headquarters in Margate Fla., and its affiliate companies for a reported $45 million. The purchase was funded entirely from cash on hand. Propane USA will add about 7600 residential and commercial customers to Suburban Propane and about 4.7 MMgal. of retail propane sales to the partnership’s Florida operations.
“The acquisition of Propane USA demonstrates our commitment to investing in external growth opportunities in strategic markets,” said Suburban’s chief development officer Mark Wienberg. “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 operational 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.”
Suburban Propane, a nationwide distributor of propane, fueloil, and related products and services, as well as a marketer of natural gas and electricity, has been in business since 1928. The partnership serves the energy needs of about 1.1 million residential, commercial, industrial, and agricultural customers through 700 locations in 41 states.
“The acquisition of Propane USA demonstrates our commitment to investing in external growth opportunities in strategic markets,” said Suburban’s chief development officer Mark Wienberg. “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 operational 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.”
Suburban Propane, a nationwide distributor of propane, fueloil, and related products and services, as well as a marketer of natural gas and electricity, has been in business since 1928. The partnership serves the energy needs of about 1.1 million residential, commercial, industrial, and agricultural customers through 700 locations in 41 states.
