Midstream operator and propane retailer Ferrellgas Partners LP (NYSE: FGP) on Aug. 7 said it had acquired two Tennessee propane retailers, Lindsey Propane and Sevier County Propane. The transaction is expected to be immediately accretive and will give Ferrellgas access to customers in Middle and East Tennessee. Terms of the transaction were not disclosed.
Lindsey, based in Williamsport, Tenn., has provided commercial, industrial, agricultural and residential propane services to customers in nine Middle Tennessee counties for more than 20 years.
Based in Sevierville, Tenn., Sevier County Propane has serviced customers in the Knoxville and East Tennessee regions for more than 25 years.
“For decades, Lindsey Propane and Sevier County Propane have been known for their commitment to ‘hometown service,’ and we plan to continue that tradition,” said Ferrellgas President and Interim CEO Jim Ferrell. “Bringing these companies on board allows us to enhance our operating efficiencies and more effectively serve new and existing customers in mid and East Tennessee. Further, these moves are clear evidence that Ferrellgas remains active and committed to smart growth through acquisitions that complement our operating model.”
The acquisitions are the most recent of nearly 240 acquisitions in the more than 75-year history of Ferrellgas. By strategically acquiring new businesses, the company has grown its footprint from a single location to a nationwide network and is now one of the leading propane retailers in the U.S.
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