Blue Rhino

Ferrellgas announces merger agreement with Blue Rhino

On February 9, 2004, Ferrellgas announced its blockbuster merger with Blue Rhino Corporation, the nation's largest provider of propane by portable tank exchange. Under the terms of the agreement, Ferrellgas purchased shares of Blue Rhino (the company was traded on the Nasdaq under the symbol RINO) in a transaction worth approximately $340 million. On the day of the merger agreement, James Ferrell called tank exchange the fastest growing portion of the retail propane industry. In 2004 the company had a nationwide exchange network of 29,000 selling locations. That number has since grown to more than 50,000 selling locations. Blue Rhino was founded in 1994, around the same time of Ferrellgas Partners, L.P.'s initial public offering, and remains headquartered in Winston-Salem, North Carolina.