The business day began with an announcement from Ferrellgas that the Kansas-based propane titan has bought Ram Propane, an independent retailer in Dubois, Wyoming (town slogan: “Where real cowboys work and play”). It is Ferrellgas’ fourth acquisition in the last eight months. The price of the deal was not announced in the company’s press release.
The new buy should mean some decent traffic in RV propane, since Ram serves Yellowstone and Grand Teton national parks. In addition, the dealer’s market includes the ski town of Jackson Hole.
“This strategic move meets our strict acquisition criteria and provides us the opportunity to service an attractive new market area adjacent to existing Ferrellgas operations,” President and CEO Steve Wambold said in the announcement.
Ferrellgas is currently ranked the second-largest propane retailer, according to a trade publication. Units of the company (NYSE: FGP) were down about 50 cents in the first hour of trading today, a day after paying out 50 cent distributions to shareholders.
The company posted the news on its Twitter account this morning, adding “we proudly welcome everyone at Ram to the Ferrellgas family.”