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WHIPPANY, N.J. — Suburban Propane Partners, L.P. announced April 26 that it has reached a definitive agreement with Inergy, L.P. Inergy GP, LLC and Inergy Sales & Service, Inc.,which operates Tru Gas in Levy County, to acquire the sole membership interest in Inergy Propane, LLC, now owned by Inergy.
The deal includes certain wholly-owned subsidiaries of Inergy Propane, LLC, and the assets of Inergy Sales. At the time of the closing of the Inergy Propane Acquisition, and following certain pre-closing transactions, Inergy Propane will consist of the retail propane assets and operations of Inergy.
Suburban is acquiring Inergy Propane for total consideration of approximately $1.8 billion. Inergy Propane has operations in 33 states with 338 customer service centers. Based on fiscal year 2011, the Inergy deal will add approximately 600,000 propane customers and 325 million retail propane gallons to Suburban's existing approximately 600,000 propane customers and nearly 300 million retail propane gallons sold. The deal would make Suburban the third largest retail marketer of propane in the country, measured by retail gallons sold in the calendar year 2011.