JP Energy Partners Announces Acquisition of Southern Propane, Inc. and New Silver Dollar Pipeline System Interconnection Agreement with Magellan Midstream Partners, L.P.

IRVING, Texas--(BUSINESS WIRE)--JP Energy Partners LP (“JP Energy”) (NYSE:JPEP) announced that it has signed a definitive agreement to acquire substantially all of the assets of Southern Propane Inc. (“Southern”), a Houston-based industrial and commercial propane distribution and logistics company, for approximately $14.9 million, subject to certain adjustments. The acquisition is expected to close before the end of the second quarter of 2015 and will be funded through the use of cash from JP Energy’s revolving credit facility and the issuance of approximately 267,000 JPEP units. The acquisition is expected to be immediately accretive to distributable cash flow per unit and is a strong addition to the company’s existing Gulf Coast NGL assets and operations.