Argo to buy UGI's gas storage and supply assets in Hawaii
The acquisition includes approximately 750,000 gallons (gal) of propane storage capacity distributed across multiple sites, along with a fleet of delivery vehicles.
These assets currently serve thousands of residential and commercial customers across four major Hawaiian islands: Oʻahu, Hawaiʻi Island, Maui and Kauaʻi.
Following the transaction, Isle Gas will be serviced by Hawaiʻi Gas, which already supplies propane to nearly 34,000 non-utility customers statewide.
Both Hawaiʻi Gas and Isle Gas are owned by funds managed by Argo, positioning the company to expand its role in Hawaii's critical energy infrastructure.
The deal is expected to close in the fourth quarter of fiscal year 2025 (Q4 FY25), pending customary closing conditions.
Argo Infrastructure Partners managing partner and founder Jason Zibarras said: 'Our continuing focus is on investing in and growing infrastructure assets that provide essential services to their communities. The addition of these assets will complement our existing Hawaiʻi operations supporting a more resilient and energy-efficient future."
Hawaiʻi Gas, founded in 1904, is the only government-franchised, full-service gas company engaged in the manufacture and distribution of gas in Hawaii.
The company's non-utility operations include distribution of liquefied petroleum gas to tank and bottled gas customers throughout the state.
Argo managing director Hugh Au added: 'As we have done across our managed portfolio of infrastructure assets, Argo will support Isle Gas with access to capital and operational expertise. 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.'
"Argo to buy UGI's gas storage and supply assets in Hawaii" was originally created and published by Offshore Technology, a GlobalData owned brand.
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