JP Energy Partners Completes Acquisition of Propane Direct Enterprises
Irving, Texas (PRWEB) December 10, 2010
JP Energy Partners (www.jpenergypartners.com) is pleased to announce that on November 24, 2010 the partnership completed its fourth acquisition in the propane industry with the acquisition of Propane Direct Enterprises (“Propane Direct”). Propane Direct is based in Oklahoma City and has retail propane operations in West Texas, New Mexico and Oklahoma, servicing more than 10,000 customers in these states. Prior to the Propane Direct acquisition, JP Energy Partners acquired retail and community propane operations in Central and South Texas, followed by the acquisition of Wylie LP Gas in West Texas. The addition of Propane Direct to the previously acquired operations of JP Energy Partners will result in annual sales of approximately 20 million gallons of propane a year.
JP Energy Partners was formed in 2010 to focus on opportunities to acquire and consolidate propane related businesses in the United States, and the partnership has invested approximately twenty eight million dollars since July of this year. “The Propane Direct operations represent a well run and well positioned company” said J. Patrick Barley, President and CEO of JP Energy Partners. Barley goes on to say “we feel like the regional footprint of the propane operations we’ve accumulated in 2010 will position us to be a key player in the propane industry for years to come. We are committed to the industry and JP Energy will continue to pursue acquisitions in an effort to expand our footprint going forward.”
JP Energy Partners owns retail operations under the name Pinnacle Propane in the San Antonio, Austin and Harlingen areas, as well as 18 community propane systems under the name Alliant Gas LLC throughout the Texas Hill Country. The names Wylie LP Gas and Propane Direct will remain in use for the immediate future.
JP Energy Partners LP is an Irving, TX based Master Limited Partnership that was formed by CB Capital, LLC to pursue opportunities in the propane industry. The ownership and management team of JP Energy Partners brings extensive experience and a history of success in the energy business and the real estate development business.
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Posted: December 10, 2010