FerrellGas has purchased Kings River Propane, a family retailer in California’s San Joaquin Valley, according to a press release from FerrellGas this morning. The move opens up some new markets for the propane giant in central California, president and CEO Steve Wambold said in a prepared statement.
No price tag was announced for the deal. It is FerrellGas’ second buy of the year, following the acquisition of an unnamed Pennsylvania dealer in October.
The news comes just ahead of the Kansas company’s quarterly earnings call Friday, giving investors plenty to consider. Shares of FerrellGas (NYSE: FGP) were up a penny at $26.02 in trading Friday morning.
Kings River serves parts of Madero, Fresno and Tulare counties in California, advertising residential, industrial and agricultural propane service.
FerrellGas ranks No. 2 on the most recent propane power rankings from LPGas Magazine, behind AmeriGas.