Pennington delivers propane to nearly 15,000 customers from seven locations in Michigan and northwestern Ohio in the US.
Also, in a separate transaction, the company has purchased the propane assets of Schenck Gas Services, based in East Hampton, New York.
Schenck delivers propane to nearly 2,000 customers from Montauk to East Hampton Bays.
The acquisitions of Pennington and Schenck represent the company’s 88th and 89th acquisitions since its founding in 1996 and both transactions are expected to be immediately accretive to Inergy unitholders on a distributable cash flow per unit basis.
Inergy president and CEO John Sherman said these transactions represent an attractive opportunity for the company to further strengthen its operations.
