Ferrellgas Partners LP's latest acquisition is a bit smaller than its previous move.
On Monday, the Overland Park-based propane distributor and retailer (NYSE: FGP) announced that it acquired the assets of Propane Advantage LLC of Layton, Utah. The terms of the acquisition were not disclosed, but the deal is likely smaller than the company's $837.5 million acquisition of Bridger Logistics LLC in June.
A release said Propane Advantage expands the company's footprint in the fast-growing Salt Lake City market and complements its presence in the Mountain West region.
"The addition of Propane Advantage provides us with a rock-solid base of operations in Utah," CEO Steve Wambold said in a release. "It is a business that made its reputation on providing excellent service to the residents and businesses throughout the area, and we look forward to carrying on that tradition."
The Layton location is the company's second in Utah and its first in the Salt Lake City metro area. Ferrellgas spokesman Jim Saladin said the move made sense for the company and will add new customers in Utah. Although Ferrellgas is making headlines with its moves to build up a midstream operation, Saladin said the company is committed to acquisitive growth. The company has made about 245 acquisitions in the past 75 years, a release said.