This acquisition is expected to close in Q3 2025 and will significantly expand Argo's existing energy infrastructure in Hawai?i.
Isle Gas, a subsidiary of AMF Hawai?i Investment Holdings and managed by Argo Infrastructure Partners, announced today its agreement to acquire key non-utility gas storage and delivery assets from AmeriGas Propane, L.P., a subsidiary of UGI Corporation.
The acquisition encompasses approximately 750,000 gallons of propane storage across multiple sites throughout O?ahu, Hawai?i Island, Maui, and Kaua?i, along with a comprehensive delivery fleet. These assets currently serve thousands of residential and commercial customers. This move consolidates the propane supply chain under Argo's management, as Isle Gas will be serviced by Hawai?i Gas, which is also wholly owned by funds managed by Argo. Hawai?i Gas already serves nearly 34,000 non-utility propane customers across the state, making this a synergistic integration of operations.
Jason Zibarras, Managing Partner and Founder of Argo Infrastructure Partners, emphasized the strategic alignment of this acquisition with Argo's core investment philosophy. "Our continuing focus is on investing in and growing infrastructure assets that provide essential services to their communities," Zibarras stated. "The addition of these assets will complement our existing Hawai?i operations, supporting a more resilient and energy-efficient future." He further expressed satisfaction in working with UGI to secure certainty for AmeriGas' customers in Hawai?i.
Hugh Au, Managing Director at Argo, reiterated the commitment to providing robust support to Isle Gas. "As we've done across our managed portfolio of infrastructure assets, Argo will support Isle Gas with access to capital and operational expertise," Au remarked. He added that this investment signifies Argo's continued dedication to meeting the energy demands of the Hawaiian Islands, building upon Hawai?i Gas's established track record of reliability, resiliency, and safety.
Alicia Moy, President of AMF and President and CEO of Hawai?i Gas, highlighted the broader implications for Hawai?i's climate objectives. "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 Hawai?i’s climate objectives," Moy explained. She assured that Hawai?i Gas is committed to a smooth transition process for AmeriGas customers, ensuring continued safe, reliable, and excellent service as they move to Isle Gas.
This acquisition underscores Argo Infrastructure Partners' long-term investment strategy in critical infrastructure assets that deliver essential services. With a portfolio that includes utilities, renewable energy, and digital infrastructure, Argo's approach combines sound investment returns with responsible and sustainable investing.
