Retail propane heavyweight Ferrellgas Partners, LP, has announced a key acquisition in Texas, building on its impressive and growing list of customers and assets.
In its fourth acquisition of the fiscal year, Ferrellgas said it had bought Welch Propane, a northeast Texas retailer based in Atlanta with operations in Texarkana and Douglassville. Terms of the deal remain undisclosed but the acquisition will add 5000 customers to the Kansas-based Ferrellgas stable.
“We remain committed to acquiring companies with values that mirror ours – growth, customer service and safety – and that have strong reputations in the communities they serve,” Ferrellgas President and CEO Steve Wambold said. “We are proud to welcome Welch’s Employees and Customers to the Ferrellgas family, and excited to once again expand our footprint in the Lone Star State.”
Ferrellgas is already one of the nation’s biggest propane retailers. The operating partnership serves one million customers in all 50 states, the District of Columbia, and Puerto Rico. The Welsh Propane acquisition by Ferrellgas follows the recent takeovers of Wisconsin-based Polar Gas, Economy Propane of Lakeport, California, and Federal Petroleum Company, another Texas-based retailer.
Ferrellgas has completed more than 230 acquisitions during its 72-year history, a strategy that has grown the company from a single-location, independently owned propane retailer to a publicly-traded, Fortune 1000 company. The Polar Gas acquisition was announced last month, bringing with it 4000 new customers.
Commenting on the deal, Wambold said it would significantly strengthen Ferrellgas’ hold in the key cold weather market of Wisconsin.
“The purchase of Polar Gas is further testament to our desire to grow by aggressively pursuing and acquiring well-run propane companies.”