Business Context and Reporting Period
Company: Suburban Propane Partners, L.P.
Filing Type: Form 8-K (Current Report)
Date of Report: May 3, 2012
Event: The Company entered into a contribution agreement to acquire the sole membership interest in Inergy Propane, LLC (including certain subsidiaries) and certain assets of Inergy Sales & Service, Inc. from Inergy, L.P. and related entities.
Key Financial Metrics
This filing serves as a notification of the acquisition agreement and does not contain the Company's standalone revenue, profit, cash flow, or debt metrics for the reporting period. However, it references the following financial data regarding the target entity (Inergy Propane, LLC) and the combined entity:
- Target Financials: Audited consolidated financial statements for Inergy Propane, LLC for years ended September 30, 2011, 2010, and 2009 (Exhibit 99.1).
- Target Financials: Unaudited consolidated financial statements for Inergy Propane, LLC for the six months ended March 31, 2012 (Exhibit 99.2).
- Pro Forma Data: Unaudited pro forma condensed combined financial information as of and for the six months ended March 24, 2012, and for the year ended September 24, 2011 (Exhibit 99.3).
Note: Specific numerical values for revenue, margins, or debt are not provided in the text of this filing; they are contained within the referenced exhibits.
Material Changes
The primary material change is the execution of the contribution agreement to acquire Inergy's retail propane business. This transaction is intended to expand the Company's operations, though the filing does not quantify the immediate financial impact on the balance sheet or income statement within the text itself.
Guidance, Outlook, and Risks
Management Commentary: The filing states that the unaudited pro forma financial information is provided for illustrative purposes only. It explicitly disclaims that these figures do not represent what actual results would have been if the acquisition had occurred on the indicated dates, nor are they indicative of future operating results or financial position.
Risks/Contingencies: No specific risks or contingencies regarding the transaction are detailed in the text of this summary, other than the standard disclaimer regarding the predictive nature of pro forma data.
Investor Verification Checklist
- Review Exhibit 99.1 for audited historical financial performance of Inergy Propane, LLC.
- Review Exhibit 99.2 for unaudited recent financial performance of Inergy Propane, LLC.
- Analyze Exhibit 99.3 for pro forma combined financial information to understand the projected scale of the merged entity.
- Verify the specific terms of the contribution agreement (e.g., purchase price, consideration type) which are not detailed in this text summary.
- Confirm the closing date and any regulatory conditions required to finalize the acquisition.