Heritage Propane Partners, L.P. Signs Definitive Agreement with Metro Lift Propane
Heritage Propane Partners, L.P. Signs Definitive Agreement with Metro Lift Propane
December 8, 2003 at 1:51 PM EST
TULSA, OKLAHOMA — December 8th, 2003 — Heritage Propane Partners, L.P. (NYSE:HPG) is pleased to announce the signing of a Definitive Agreement to acquire the assets of Metro Lift Propane for a combination of cash and common units. Metro Lift is located in 10 metropolitan markets including Nashville, TN, Charlotte, NC, Greensboro, NC, Boston, MA, Louisville, KY, St. Louis, MO, Dallas, TX, Houston, TX and New Orleans, LA.
The company was started in 1996 in Nashville, TN by Mr. Tom Harlan and Mr. Tom Stikeleather to serve the metropolitan forklift cylinder market. In May, 1998, Mr. Kendall Rhine joined the ownership group to assist with the rapid expansion into new markets. During the seven years since its founding, Metro Lift has grown to approximately 10.0 million gallons per year. Upon closing, Mr. Harlan and Mr. Stikeleather will join Heritage to further expand the business model to additional markets. Mr. Rhine intends to pursue other interests.
“Metro Lift has demonstrated the ability to expand rapidly and profitably,” stated Mr. H. Michael Krimbill, President and CEO of Heritage Propane. “We are confident about their ability to execute their proven business model into additional metropolitan areas and significantly expand this non-weather sensitive propane operation over the next several years.”
The transaction is expected to close in early January 2004 and will be structured as an exchange of assets for a combination of Heritage Common Units and cash. All of the employees of Metro Lift Propane will be offered employment with Heritage.
Heritage is the fourth largest retail marketer of propane in the United States, serving more than 650,000 customers from nearly 300 customer service locations in 29 states. Operations extend from coast to coast, with concentrations in the western, upper midwestern, northeastern, and southeastern regions of the United States.
For more information, please contact Bradley K. Atkinson, Vice President of Corporate Development, at (918) 492-7272.
The company was started in 1996 in Nashville, TN by Mr. Tom Harlan and Mr. Tom Stikeleather to serve the metropolitan forklift cylinder market. In May, 1998, Mr. Kendall Rhine joined the ownership group to assist with the rapid expansion into new markets. During the seven years since its founding, Metro Lift has grown to approximately 10.0 million gallons per year. Upon closing, Mr. Harlan and Mr. Stikeleather will join Heritage to further expand the business model to additional markets. Mr. Rhine intends to pursue other interests.
“Metro Lift has demonstrated the ability to expand rapidly and profitably,” stated Mr. H. Michael Krimbill, President and CEO of Heritage Propane. “We are confident about their ability to execute their proven business model into additional metropolitan areas and significantly expand this non-weather sensitive propane operation over the next several years.”
The transaction is expected to close in early January 2004 and will be structured as an exchange of assets for a combination of Heritage Common Units and cash. All of the employees of Metro Lift Propane will be offered employment with Heritage.
Heritage is the fourth largest retail marketer of propane in the United States, serving more than 650,000 customers from nearly 300 customer service locations in 29 states. Operations extend from coast to coast, with concentrations in the western, upper midwestern, northeastern, and southeastern regions of the United States.
For more information, please contact Bradley K. Atkinson, Vice President of Corporate Development, at (918) 492-7272.