Argo Acquires UGI’s Gas Storage and Supply Assets in Hawaiʻi\n\nRhea-AI Impact (Neutral) Rhea-AI Sentiment (Very Positive) Tags <acquisition> 06/20/2025 - 07:30 AM \n\nHONOLULU--(BUSINESS WIRE)-- Isle Gas, a wholly owned subsidiary of AMF Hawaiʻi Investment Holdings, LLC (“AMF”) managed by Argo Infrastructure Partners (“Argo”), announced today that it has reached an agreement with AmeriGas Propane, L.P. (“AmeriGas”) to purchase select non-utility gas storage and delivery assets from AmeriGas, a subsidiary of UGI Corporation (NYSE: UGI). \n\nThe asset purchase includes approximately 750,000 gallons of propane storage across multiple sites and a delivery fleet of vehicles used to serve thousands of both residential and commercial customers across four service territories: Oʻahu, Hawaiʻi Island, Maui, and Kauaʻi. \n\nIsle Gas will be serviced by Hawaiʻi Gas, which currently supplies nearly 34,000 non-utility customers with propane across the state of Hawaiʻi, to fulfill the critical daily needs of households and businesses. Hawaiʻi Gas and Isle Gas are both wholly owned by funds managed by Argo. \n\n\"Our continuing focus is on investing in and growing infrastructure assets that provide essential services to their communities,\" said Jason Zibarras, Managing Partner and Founder of Argo Infrastructure Partners. \"The addition of these assets will complement our existing Hawaiʻi operations supporting a more resilient and energy-efficient future.\" Jason Zibarras also said, \"We are delighted to have worked with UGI on this transaction, securing and providing certainty for AmeriGas’ customers in Hawaiʻi.\" \n\n\"As we’ve done across our managed portfolio of infrastructure assets, Argo will support Isle Gas with access to capital and operational expertise,\" said Hugh Au, Managing Director at Argo. \"With this investment, Argo continues to invest in the energy needs of the Hawaiian Islands, building on and supporting Hawaiʻi Gas’ strong track record of reliability, resiliency, and safety.\" \n\n\"As a diversified holding company, AMF’s purchase of these assets will increase its ability to support a continued focus on energy efficiency, resiliency, and sustainability consistent with Hawaiʻi’s climate objectives,\" said Alicia Moy, President of AMF and President and CEO of Hawaiʻi Gas. \"Hawaiʻi Gas is pleased to serve Isle Gas and its customers. We are committed to making this a smooth transition process for AmeriGas customers as they transition to Isle Gas, providing them with continued safe, reliable, and excellent service.\" \n\nThe acquisition is expected to be completed in Q3 of 2025. \n\nAbout Argo Infrastructure Partners\n\nArgo Infrastructure Partners LP, founded by Jason Zibarras, is an independent fund manager with a long-term approach to infrastructure investing. Argo invests in high-quality infrastructure businesses and assets that provide essential services to their communities over their long operational lives, including investments in utilities, renewable energy, digital infrastructure, and other long duration infrastructure assets. Argo’s investment philosophy couples sound investment return with responsible and sustainable investing. As of Q2 2025, Argo manages over $6.25 billion in assets on behalf of its investor partners. For more information, visit www.argoip.com. \n\nAbout Hawai‘i Gas\n\nEstablished in 1904, Hawaiʻi Gas is the only government-franchised, full-service gas company manufacturing and distributing gas in Hawaiʻi. Hawaiʻi Gas’ non-utility operations include distribution of liquefied petroleum gas, or LPG (propane) to tank and bottled gas customers throughout the state. For more information, visit hawaiigas.com. \n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20250617704067/en/ \n\nMedia contact: Ira Gorsky [email protected] \n\nSource: Argo Infrastructure Partners LP

UGI Divests Massive Hawaiian Gas Network: 750,000-Gallon Storage Operation Changes Hands

UGI Corporation (NYSE: UGI) has agreed to sell its propane storage and delivery assets in Hawaii to Argo Infrastructure Partners. The transaction includes 750,000 gallons of storage across four territories (Oʻahu, Hawaiʻi Island, Maui, Kauaʻi) and a delivery fleet serving thousands of residential and commercial customers. Isle Gas, a subsidiary of AMF Hawaiʻi Investment Holdings, will manage the assets, supported by Hawaiʻi Gas. The acquisition is expected to close in Q3 2025.