Company Overview - Flame King Holdings, LLC is a leading supplier of propane storage solutions and accessories, founded in 1998 and headquartered in Commerce, California [2] - The company serves a diverse customer base, including retailers, propane tank exchangers, RV OEMs, and eCommerce platforms, catering to recreational, commercial, and industrial customers [2] - Flame King offers a complete line of steel and aluminum propane cylinders, with sizes ranging from 1 lb. to 420 lbs., designed for various residential, recreational, and industrial applications [2] Investment Details - Main Street Capital Corporation has completed a follow-on portfolio investment of $66.0 million to facilitate the minority recapitalization of Flame King [1] - The investment consists of first-lien, senior secured term debt and includes a revolving line of credit to support Flame King's growth initiatives and working capital needs [1] - Main Street initially invested in Flame King in October 2021, indicating a continued commitment to the company's growth [1] Main Street Capital Corporation Overview - Main Street Capital Corporation is a principal investment firm that provides customized long-term debt and equity capital solutions primarily to lower middle market companies [3] - The firm typically invests in management buyouts, recapitalizations, growth financings, refinancings, and acquisitions across diverse industry sectors [3] - Main Street's lower middle market portfolio companies generally have annual revenues between $10 million and $150 million, while its private loan portfolio companies have annual revenues between $25 million and $500 million [3]

Core Viewpoint - Ferrellgas Partners, L.P. reported strong financial performance for the third fiscal quarter of 2025, with notable growth in sales, gross profit, and net earnings, driven by favorable market conditions and operational efficiencies [2][3][5]. Financial Highlights - Revenue increased by 9% year-over-year, reaching $560.8 million, with retail and wholesale sales growing by 9% and 8% respectively [3][22]. - Gross profit rose by $16.9 million, or 6%, to $289.2 million, influenced by a $45.1 million increase in revenues, partially offset by a $28.1 million rise in cost of products [4][22]. - Net earnings attributable to Ferrellgas Partners, L.P. were $59.1 million, up from $52.8 million in the prior year, reflecting a $6.3 million increase primarily due to higher gross profit [5][22]. Operational Highlights - Propane sales volumes increased by 13.4 million gallons, or 6%, compared to the prior year, with residential sales volume growing by 12% [9][10]. - The company gained six new national account customers through a three-year deal, expected to add 1.6 million gallons of new business [13]. - Blue Rhino, the tank exchange business, is preparing for the peak summer selling season, with capital projects underway to enhance efficiency [12]. Cost and Expense Analysis - Operating expenses increased by $8.8 million, driven by higher costs in plant operations, personnel, and vehicle expenses [6][22]. - Interest expense rose by $3.5 million, primarily due to debt issuance costs and lease-related charges [7][22]. Adjusted EBITDA - Adjusted EBITDA increased by $10.8 million, or 10%, to $114.8 million, supported by the rise in gross profit and a decrease in general and administrative expenses [8][24]. Debt Refinancing - The company is actively working on refinancing its $308.8 million revolving credit facility and $650.0 million senior unsecured notes, with completion anticipated before maturity [16].

Shares of Suburban Propane (NYSE: SPH ) have been a mixed performer over the past year, losing about 2% of their value while also paying a 6+% dividend. This partnership has struggled for years with excess debt and limited demand growth, which has forcedOver fifteen years of experience making contrarian bets based on my macro view and stock-specific turnaround stories to garner outsized returns with a favorable risk/reward profile. If you want me to cover a specific stock or have a question for an article, ...

Star Group (SGU) Q2 2025 Earnings Call May 08, 2025 11:00 AM ET Company Participants Chris Witty - Managing DirectorJeff Woosnam - President and CEORichard Ambury - CFO, Executive VP, Treasurer & Secretary of Kestrel Heat, LLCTimothy Mullen - Founder Conference Call Participants Michael Prouting - Equity Analyst Operator Good day, and welcome to the Star Group Fiscal twenty twenty five Second Quarter Results Conference Call. All participants will be in a listen only mode. Please note this event is being rec ...

Suburban Propane Partners (SPH) Q2 2025 Earnings Call May 08, 2025 09:00 AM ET Company Participants Davin D'Ambrosio - Vice President & TreasurerMichael A. Stivala - President, CEO & SupervisorMichael Kuglin - Chief Financial Officer & Chief Accounting OfficerChristopher Jeffrey - Equity Research Senior Associate Operator Morning, ladies and gentlemen, and welcome to the Suburban Propane Partners Second Quarter Earnings Conference Call. At this time, all lines are in listen only mode. Following the presenta ...

Suburban Propane Partners (SPH) Q2 2025 Earnings Call May 08, 2025 09:00 AM ET Speaker0 Morning, ladies and gentlemen, and welcome to the Suburban Propane Partners Second Quarter Earnings Conference Call. At this time, all lines are in listen only mode. Following the presentation, we will conduct a question and answer session. This call is being recorded on Thursday, 05/08/2025. I would now like to turn the conference over to David Niembrocco, Vice President and Treasurer. Please go ahead. Speaker1 Thank yo ...

National Awareness Campaign Launches May 5 to Protect Endangered Rhino Species IRF Tank Sleeve Specially created Blue Rhino propane tank sleeve shows company's commitment to supporting the International Rhino Foundation and its mission. WINSTON-SALEM, N.C., April 30, 2025 (GLOBE NEWSWIRE) -- Blue Rhino, the leading tank exchange brand of Ferrellgas Partners, L.P. (OTC: FGPR), is once again teaming up with the International Rhino Foundation (IRF) to support its critical Keep the Five Alive campaign – a g ...

Suburban Propane Partners (SPH) Q1 2025 Earnings Call February 06, 2025 09:00 AM ET Company Participants Davin D'Ambrosio - Vice President & TreasurerMichael Stivala - President & Chief Executive OfficerMichael Kuglin - Chief Financial Officer & Chief Accounting OfficerChristopher Jeffrey - Equity Research Senior Associate Operator Good morning, ladies and gentlemen, and welcome to the Suburban Propane Partners First Quarter Earnings Conference Call. At this time, all lines are in a listen only mode. Follow ...