Isle Gas, a wholly owned subsidiary of AMF Hawai?i 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).

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The 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: O?ahu, Hawai?i Island, Maui, and Kaua?i.

Isle Gas will be serviced by Hawai?i Gas, which currently supplies nearly 34,000 non-utility customers with propane across the state of Hawai?i, to fulfill the critical daily needs of households and businesses. Hawai?i Gas and Isle Gas are both wholly owned by funds managed by Argo.

“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 Hawai?i 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 Hawai?i.”

“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 Hawai?i Gas’ strong track record of reliability, resiliency, and safety.”

“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,” said Alicia Moy, President of AMF and President and CEO of Hawai?i Gas. “Hawai?i 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.”

The acquisition is expected to be completed in Q3 of 2025.

About Argo Infrastructure Partners
Argo 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.

About Hawai‘i Gas
Established in 1904, Hawai?i Gas is the only government-franchised, full-service gas company manufacturing and distributing gas in Hawai?i. Hawai?i 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.

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