Ferrellgas Bolsters Oil Midstream Operations With $837.5 Million Acquisition

Ferrellgas Partners announced this morning that it had reached an agreement to acquire a Texas-based provider of integrated crude oil midstream services for roughly $837.5 million.

The Overland Park natural-gas company, in a news release, said the acquisition of Bridger Logistics would position Ferrellgas to significantly expand its midstream platform and support future distribution growth. Ferrellgas  is the nation’s second-largest propane retailer and the nation’s largest provider of propane by portable tank exchange.

Bridger, a Dallas-based company that was just founded in 2010, owns and operates assets across the midstream value chain and can provide end-to-end crude oil logistics, including trucking, terminaling, pipeline, rail, and maritime, from the wellhead to end markets across North America, Ferrellgas said. It has operations in 14 states and virtually all major U.S. crude oil production regions, including the Permian, Bakken, Rockies, Niobrara, Mid-Continent, Gulf Coast, and Eagle Ford.

“We are extremely pleased to welcome Bridger into the Ferrellgas family,” said Steve Wambold, president and CEO of Ferrellgas. “We’ll benefit greatly from their collective experience and deep customer relationships as we continue to pursue midstream-focused growth opportunities.”

Bridger was named Inc. magazine’s Fastest-Growing Energy Company in 2013.