Ferrellgas Partners, L.P. Completes Sale of Remaining Bridger Operations and Global Sourcing Business
August 01 2018 - 5:30PM
Ferrellgas Partners, L.P. (NYSE:FGP) (“Ferrellgas” or the
“Company”) today announced the successful divestitures of its
Bridger Environmental, Bridger Transportation, and Bridger
Terminals (collectively as Bridger) and Blue Rhino Global Sourcing
lines of business. These divestitures reflect the Company’s
decision to focus on its core retail propane distribution and Blue
Rhino tank exchange operations. The transactions generated net
proceeds of approximately $92 million which are to be re-invested
into growth opportunities of the propane business, debt reduction
or general working capital purposes.
The Company completed the Bridger sale, which includes the
company’s saltwater disposal operations operating as Bridger
Environmental, all assets associated with its crude oil trucking
business operating as Bridger Transportation, and two crude oil
injection terminals to two subsidiaries controlled by Pilot Flying
J on July 31, 2018. Other terms of the deal were not
disclosed. In separate transactions, the remaining assets of
the Bridger Terminal business were sold to various parties.
The largest of these assets, the Swan Ranch Terminal, was sold to a
division of The Granite Peak Group.
Further, the Company also recently completed the sale of Blue
Rhino Global Sourcing, which manufactures and distributes grills,
firepits, and grilling tools. The transaction closed on July 27,
2018 to an undisclosed buyer. This business is not related to
the Blue Rhino tank exchange business, which the Company will
continue to own and operate.
“We continue to pursue strategies that enable us to focus on our
retail propane and Blue Rhino tank exchange businesses,” said James
E. Ferrell, Interim Chief Executive Officer and President of
Ferrellgas. “Our propane operations have seen strong growth this
year and we have good momentum. We see that trend continuing
as we build our company for long term success to the benefit of our
customers, our employees and our investors.”
About Ferrellgas Ferrellgas Partners, L.P.,
through its operating partnership, Ferrellgas, L.P., and
subsidiaries, serves propane customers in all 50 states, the
District of Columbia, and Puerto Rico, and provides midstream
services to major energy companies in the United States. Ferrellgas
employees indirectly own 22.8 million common units of the
partnership, through an employee stock ownership plan. Ferrellgas
Partners, L.P. filed a Form 10-K with the Securities and Exchange
Commission on September 28, 2017. Investors can request a hard copy
of this filing free of charge and obtain more information about the
partnership online at www.ferrellgas.com.
About Pilot Flying JPilot Flying J, the largest
operator of travel centers in North America, is committed to
connecting people and places with comfort, care and a smile at
every stop. Headquartered in Knoxville, Tennessee, Pilot Flying J
has more than 750 retail locations in 44 states, Roadside
assistance available at over 145 locations nationwide and growing
as part of its Truck Care program, 44 Goodyear Commercial Tire and
Service Centers, and 34 Boss Shops. The Pilot Flying J network
provides drivers with access to more than 72,000 parking spaces for
trucks with Prime Parking at more than 400 locations, 5,200 deluxe
showers and more than 6,200 diesel lanes with 5,200 offering Diesel
Exhaust Fluid (DEF) at the pump. Pilot Flying J is currently ranked
No. 15 on Forbes' list of America's Largest Private Companies.
Visit www.pilotflyingj.com/ for more information.
About The Granite Peak GroupThe Granite Peak
Group (www.thegranitepeakgroup.com) is a diverse group of
infrastructure and service companies including rail and midstream
assets, frac sand and petroleum product transloading, fabrication,
crude oil marketing, and a broad real estate portfolio.
Forward Looking Statements Statements in this
release concerning expectations for the future are forward-looking
statements. A variety of known and unknown risks, uncertainties and
other factors could cause results, performance, and expectations to
differ materially from anticipated results, performance, and
expectations. These risks, uncertainties, and other factors include
those discussed in the Form 10-K of Ferrellgas Partners, L.P.,
Ferrellgas Partners Finance Corp., Ferrellgas, L.P., and Ferrellgas
Finance Corp. for the fiscal year ended July 31, 2017, the
Form 10-Q of these entities for the fiscal quarter ended April
30, 2018 and in other documents filed from time to time by these
entities with the Securities and Exchange Commission.
Contacts Jim Saladin, Media Relations –
jimsaladin@ferrellgas.com, 913-661-1833 Bill Ruisinger, Investor
Relations – billruisinger@ferrellgas.com, 816-792-7914
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