Ferrellgas Partners Acquires Motor Propane Service; Backs FY14 Adj. EBITDA View

(RTTNews) - Propane distributor Ferrellgas Partners L.P. (FGP) announced the acquisition of Motor Propane Service, an independent propane company with locations in Manitowoc and Sheboygan, Wis. Specific terms of the transaction were not disclosed. The company indicated that the transaction will be immediately accretive.

The company also stated that its second fiscal quarter, which runs from November 1, 2013, to January 31, 2014, is performing to plan based on its strong operating fundamentals and seasonal nationwide temperatures.

As a result of this performance, the company said that it reiterated its fiscal 2014 Adjusted EBITDA guidance in a range of $265 million - $275 million.