CorpGov
5 min read
By CorpGov Editorial Staff
Isle Gas, a newly formed portfolio company of AMF Hawaiʻi Investment Holdings, LLC and managed by Argo Infrastructure Partners, has acquired a portfolio of storage and delivery assets from AmeriGas in Hawaii. The transaction reflects Argo’s continued focus on investing in resilient, critical last-mile infrastructure that delivers essential community energy services across the country.
We spoke with Jason Zibarras, Managing Partner and Founder of Argo Infrastructure Partners, to discuss the strategic rationale and long-term vision for the platform.
CorpGov: Can you provide an overview of the transaction itself – what does the acquisition include?
Jason Zibarras: Sure. The acquisition, once closed, will include land assets with approximately 750,000 gallons of propane storage capacity across multiple locations, along with a fleet of delivery vehicles that serve thousands of residential and commercial customers across O’ahu, Hawaiʻi Island, Maui, and Kaua’i. These are essential assets that play a key role in delivering safe, reliable energy to communities across the state of Hawai’i.
The assets were carved out from AmeriGas’s operations in Hawai’i. The transaction was structured via Isle Gas, a newly formed subsidiary of AMF Hawai’i Investment Holdings and managed by Argo Infrastructure Partners.
CorpGov: Why AmeriGas? What about their assets that stood out for you and how does this investment fit into your broader strategy?
Jason Zibarras: AmeriGas is one of the largest propane distributors in the US, with a strong national presence and solid track record of managing complex portfolios. The assets we’re acquiring are high-quality, long-established operations with a loyal, concentrated customer base across the Hawaiian Islands. While no longer core to AmeriGas’ strategy, they are complementary to ours.
For Argo and another of out Portfolio Companies, Hawai’i Gas, this was a rare opportunity to acquire a sizable portfolio of gas storage and delivery infrastructure that is deeply embedded in the surrounding communities. With approximately 750,000 gallons of storage and a delivery fleet spanning four islands, Isle Gas will continue to provide safe and reliable propane delivery services to AmeriGas’ existing customers in Hawai’i. We aim to make it a seamless transition from AmeriGas to Isle Gas for the customers.
CorpGov: Why are these assets an area of focus for Argo?
Jason Zibarras: We view non-utility and propane gas storage and delivery as last-mile infrastructure – it’s physical, local and foundational to safety and reliability. These are assets that provide critical energy access to thousands of homes and businesses, particularly in regions without centralized infrastructure.
