Argo Infrastructure Companions (Argo), by its wholly owned subsidiary Isle Fuel beneath AMF Hawaii Funding Holdings, has agreed to amass key gasoline storage and supply property in Hawaii from UGI’s subsidiary AmeriGas Propane.
The acquisition contains roughly 750,000 gallons (gal) of propane storage capability distributed throughout a number of websites, together with a fleet of supply autos.
These property at present serve 1000’s of residential and industrial clients throughout 4 main Hawaiian islands: Oʻahu, Hawaiʻi Island, Maui and Kauaʻi.
Following the transaction, Isle Fuel might be serviced by Hawaiʻi Fuel, which already provides propane to just about 34,000 non-utility clients statewide.
Each Hawaiʻi Fuel and Isle Fuel are owned by funds managed by Argo, positioning the corporate to increase its function in Hawaii’s important power infrastructure.
The deal is predicted to shut within the fourth quarter of fiscal yr 2025 (This autumn FY25), pending customary closing circumstances.
Argo Infrastructure Companions managing companion and founder Jason Zibarras stated: “Our persevering with focus is on investing in and rising infrastructure property that present important providers to their communities. The addition of those property will complement our current Hawaiʻi operations supporting a extra resilient and energy-efficient future.”
Hawaiʻi Fuel, based in 1904, is the one government-franchised, full-service gasoline firm engaged within the manufacture and distribution of gasoline in Hawaii.
The corporate’s non-utility operations embody distribution of liquefied petroleum gasoline to tank and bottled gasoline clients all through the state.
Argo managing director Hugh Au added: “As we have now achieved throughout our managed portfolio of infrastructure property, Argo will assist Isle Fuel with entry to capital and operational experience. With this funding, Argo continues to spend money on the power wants of the Hawaiian Islands, constructing on and supporting Hawaiʻi Fuel’ robust monitor file of reliability, resiliency and security.”
“Argo to purchase UGI’s gasoline storage and provide property in Hawaii” was initially created and revealed by Offshore Know-how, a GlobalData owned model.
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