Suburban Propane Partners (SPH) Registration Filing summary

Company overview and business model

• Operates as a nationwide marketer and distributor of propane, renewable propane, RNG, fuel oil, refined fuels, and electricity, with a focus on low-carbon alternatives.

• Serves approximately 1 million customers through 700 locations in 42 states, with concentration on the east and west coasts, Midwest, and Alaska.

• Engaged in the retail propane business since 1928, with additional operations in home comfort equipment installation and service.

• Structured as a Delaware limited partnership, with the general partner holding minimal economic interest and no incentive distribution rights.

Financial performance and metrics

• Sold 378.3 million gallons of propane and 16.9 million gallons of fuel oil/refined fuels to retail customers in the year ended September 28, 2024.

• Sold 105.7 million gallons of propane and 4.4 million gallons of fuel oil/refined fuels in the quarter ended December 28, 2024.

• Financial statements and management’s assessment of internal controls are incorporated by reference from the latest 10-K and 10-Q filings.

Use of proceeds and capital allocation

• Net proceeds from the offering will be used for general limited partnership purposes, including working capital, debt repayment, capital expenditures, and acquisitions.

• Management has broad discretion over the allocation of proceeds, with actual uses subject to change based on evolving business conditions.