Ferrellgas Partners acquires Vanson LLC
Oct 1, 2009 9:14 AM
Ferrellgas Partners LP, one of the nation’s largest propane retailers, announced the acquisition of Vanson LLC, which serves approximately 29,000 customers in Michigan, Indiana, and Illinois. Vanson, based in St Joseph MI, 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,” said 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, said, “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.
“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,” he said.
Ferrellgas Partners LP, through its operating partnership, Ferrellgas LP, 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.
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