Acquisitions of Businesses

9 Months Ended

Jun. 29, 2019

Business Combinations [Abstract]

Acquisitions of Businesses

4. Acquisitions of Businesses

On February 6, 2019, the Operating Partnership acquired the propane assets and operations of a propane retailer operating in strategic markets on the west coast for $12,000, including $800 for non-compete consideration, plus working capital acquired. As of June 29, 2019, $11,365 was paid and the remainder of the purchase price will be funded in accordance with the terms of the asset purchase and non-compete agreements.

On June 12, 2019, the Operating Partnership acquired the propane assets and operations of a propane retailer headquartered in Florida for $2,850, including $450 for non-compete consideration, plus working capital acquired.  As of June 29, 2019, $2,250 was paid and the remainder of the purchase price will be funded in accordance with the terms of the asset purchase and non-compete agreements.  

On June 26, 2019, the Operating Partnership acquired the propane assets and operations of a propane retailer headquartered in Texas for $8,000, including $650 for non-compete consideration, plus working capital acquired.  Of the total consideration, $5,250 was paid in cash and $1,600 in Common Units were issued to the seller at closing, and the remainder of the purchase price will be funded in accordance with the terms of the asset purchase and non-compete agreements.  

The acquisitions were consummated pursuant to the Partnership’s strategic growth initiatives.  The preliminary purchase price allocations and results of operations of the acquired businesses were not material to the Partnership’s condensed consolidated financial position and statement of operations.