Ferrellgas Partners Acquires Texas Company Federal Petroleum

By Kansas City Business Journal

Ferrellgas Partners LP has acquired Federal Petroleum Co., a Texas independent propane retailer.

Overland Park-based Ferrellgas (NYSE: FGP), which did not disclose terms of the deal, said the acquisition brings Ferrellgas into new market areas. Itâ¿¿s the companyâ¿¿s second acquisition since Aug. 1, when its fiscal year started.

Federal Petroleum has locations in Weslasco and Brownsville, Texas.

⿿The addition of Federal Petroleum provides us with a strategic entry into the Brownsville market, a vital hub for the transport of goods heading to and from Mexico,⿝ Ferrellgas CEO Steve Wambold said in a release. ⿿In addition to a strong residential base, this acquisition also gives us the opportunity to service an attractive commercial market, which is a particular strength for Ferrellgas.⿝

In September, Ferrellgas announced that it had bought California propane retailer Economy Propane Inc.

Ferrellgas, through operating partnership Ferrellgas LP, serves about 1 million customers in the United States and Puerto Rico. The latest deal adds to about 230 acquisitions the company has made during its more than 70 years.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/kansascity/news/2011/10/20/ferrellgas-partners-acquires-texas.html?ana=thestreet

Copyright bizjournals.com 2010

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