KANSAS CITY, Mo., July 12 (UPI) -- Inergy L.P. of Kansas City, Mo., said Monday it has acquired the assets of the Highland Propane Co. of Roanoke, Va, for undisclosed financial terms.
Highland Propane is an operating subsidiary of RGC Resources Inc., delivering approximately 10 million gallons of propane to approximately 18,000 customers from four locations in southwestern Virginia and southern West Virginia.
RGC Resources provides energy, products and services to customers in Virginia and West Virginia through its operating subsidiaries.
The assets purchased will operate under the existing trade name, and the deal is expected to immediately increase earnings per share for Inergy unitholders, on a distributable cash flow per unit basis.
John Williamson III, chairman, president, and chief executive officer of RGC, said: "This is a win-win situation for our local communities as well. Not only will we increase the level of investment in our natural-gas operations, but the Roanoke area will be home to a division of one of the 10 largest and fastest growing propane distributors in the country."
Inergy is among the fastest growing master limited partnerships in the country. The company's operations include the retail marketing, sale and distribution of propane to residential, commercial, industrial and agricultural customers.