NGL Energy Partners LP has acquired the assets comprising the propane and distillate operations of North America Propane (NAP) for about USD66.8 million. The acquisition is subject to certain assumed liabilities, working capital and other specified items.
NAP provides to over 50,000 customers, delivering about 18 million gallons of retail propane, 8 million gallons of wholesale propane and 10 million gallons of distillate per year. The assets acquired through the transaction are located in Maine, Massachusetts, Connecticut, Rhode Island, Pennsylvania, New Hampshire, New Jersey, Maryland and Delaware and includes three propane terminals, two with rail and truck capability with 1.2 million gallons combined propane storage capacity.
On this transaction, Wells Fargo Securities LLC acted as financial advisor to NGL and Matrix Capital Markets Group Inc. advised North American Propane.