24 Jul SHV Energy enters definitive agreement to acquire LPG business from American Midstream Partners
SHV Energy announced it has entered into a definitive agreement to acquire the Propane Marketing and Services business from American Midstream Partners, LP. The transaction includes Pinnacle Propane’s 40 services stations, Pinnacle Propane Express’ cylinder exchange business and the Alliant Gas utility system.
Fulco van Lede, CEO SHV Energy: “The acquisition of the Pinnacle propane businesses is in line with SHV Energy’s strategy to grow its core LPG business in selected markets. We are very excited to acquire the Pinnacle propane business and about the prospects of further growth in the USA. The strong position in the bulk and network business in the southwest, and the national cylinder exchange network make the acquisition a great entry for SHV Energy in the US market. I am convinced that this acquisition is a positive development for the employees of the business, as they join one of the largest global propane companies and will be able to benefit from our scale and expertise. We look forward to work with management and employees of Pinnacle to further develop the business.”
The transaction is subject to obtaining customary regulatory approvals. Closing is expected to take place in Q3.
About SHV Energy
SHV Energy is one of the world’s leading LPG distributors. In addition, SHV Energy also provides small-scale LNG, biomass and soon also bio-LPG to customers that do not have access to the natural gas grid. SHV Energy enables its customers to switch from heating oil and solid fuels to cleaner fuels such as LPG, LNG and renewables, resulting in a lower carbon impact and improved air quality. SHV Energy has 16,000 employees and operates in more than 20 countries under brands such as Primagaz, Calor Gas, Liquigas and Ipragaz. Revenues in 2016 were USD 6.6 billion. As part of the 121 years old Dutch privately owned SHV Holdings, SHV Energy is committed to working sustainably with communities, stakeholders and policymakers.
About American Midstream Partners, LP
American Midstream Partners, LP is a growth-oriented limited partnership formed to provide critical midstream infrastructure that links producers of natural gas, crude oil, NGLs, condensate and specialty chemicals to end-use markets. American Midstream’s assets are strategically located in some of the most prolific onshore and offshore basins in the Permian, Eagle Ford, East Texas, Bakken and Gulf Coast. American Midstream owns or has an ownership interest in approximately 4,000 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semisubmersible floating production system with nameplate processing capacity of 100 MBbl/d of crude oil and 240 MMcf/d of natural gas; and terminal sites with approximately 6.7 MMBbls of storage capacity.
For more information about American Midstream Partners, LP, visit: www.americanmidstream.com.