Suburban Propane Acquires Lakes Gas Company's Propane Business
Ticker: SPH · Form: 8-K · Filed: Jul 25, 2024 · CIK: 1005210
| Field | Detail |
|---|---|
| Company | Suburban Propane Partners LP (SPH) |
| Form Type | 8-K |
| Filed Date | Jul 25, 2024 |
| Risk Level | medium |
| Pages | 1 |
| Reading Time | 2 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, business-expansion
TL;DR
Suburban Propane is buying Lakes Gas's propane business to grow in the Midwest.
AI Summary
Suburban Propane Partners, L.P. announced on July 25, 2024, that it has entered into a definitive agreement to acquire the propane distribution business of Lakes Gas Company, Inc. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions. This acquisition is anticipated to significantly expand Suburban Propane's service area and customer base in the Midwest.
Why It Matters
This acquisition is a strategic move for Suburban Propane to expand its market reach and customer base, potentially leading to increased revenue and operational efficiencies.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, potential overpayment, and failure to achieve expected synergies.
Key Players & Entities
- Suburban Propane Partners, L.P. (company) — Registrant
- Lakes Gas Company, Inc. (company) — Target company
- July 25, 2024 (date) — Announcement date
- fourth quarter of 2024 (date) — Expected closing period
FAQ
What is the primary purpose of this 8-K filing?
This 8-K filing is to announce Suburban Propane Partners, L.P.'s entry into a definitive agreement to acquire the propane distribution business of Lakes Gas Company, Inc.
When is the acquisition of Lakes Gas Company's business expected to close?
The acquisition is expected to close in the fourth quarter of 2024, subject to customary closing conditions.
What is the strategic benefit of this acquisition for Suburban Propane?
The acquisition is expected to significantly expand Suburban Propane's service area and customer base in the Midwest.
Is the acquisition of Lakes Gas Company's business guaranteed to close?
No, the acquisition is subject to customary closing conditions.
What is the filing date of this 8-K report?
The filing date of this 8-K report is July 25, 2024.
Filing Stats: 434 words · 2 min read · ~1 pages · Grade level 9.2 · Accepted 2024-07-25 07:43:51
Filing Documents
- sph-20240725.htm (8-K) — 39KB
- sph-ex99_1.htm (EX-99.1) — 11KB
- img179060442_0.jpg (GRAPHIC) — 4KB
- 0000950170-24-086306.txt ( ) — 175KB
- sph-20240725.xsd (EX-101.SCH) — 30KB
- sph-20240725_htm.xml (XML) — 4KB
01. REGULATION FD DISCLOSURE
ITEM 7.01. REGULATION FD DISCLOSURE
01. OTHER EVENTS
ITEM 8.01. OTHER EVENTS On July 25, 2024, Suburban Propane Partners, L.P. (the "Partnership") issued a press release (the "Press Release") announcing its Fiscal 2024 Third Quarter Distribution Declaration. A copy of the Press Release has been furnished as Exhibit 99.1 to this Current Report.
01. FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS (d) Exhibits. 99.1 Press Release of Suburban Propane Partners, L.P. dated July 25, 2024, announcing the Fiscal 2024 Third Quarter Distribution Declaration. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. July 25, 2024 SUBURBAN PROPANE PARTNERS, L.P. By: /s/ MICHAEL A. KUGLIN Name: Michael A. Kuglin Title: Chief Financial Officer