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.
This transaction is fully aligned with Argo’s strategy of investing in resilient infrastructure platforms that deliver essential services. It also builds on the foundation we have already established in Hawai’i through Hawai’i Gas, reinforcing our commitment to the state and its energy needs. Furthermore, with the ever-changing energy landscape, we must remain adaptable while maintaining a strong focus on customer service, safety and reliability.
CorpGov: What about other energy supply such as Hydrogen?
Jason Zibarras: That’s a good question, we and more particularly Hawai’i Gas are committed to the State’s net zero goals, we are supporting and Hawai’I Gas are planning to pilot H2 solutions that would utilise the skills and certain of the assets that are in place today.
CorpGov: What role did Argo play in the transaction and how will the platform be managed?
Jason Zibarras: As we do with all of our Portfolio investments, Argo played a central role across all phases of the transaction – from early and detailed diligence to structuring and execution. We also led the design of the governance model and entity structure to ensure Isle Gas can benefit from the expertise and strong oversight from Argo.
Following close, Isle Gas will be serviced by Hawai’i Gas, which currently supplies propane to nearly 34,000 non-utility customers statewide. Both companies are wholly owned by funds managed by Argo Infrastructure Partners. This structure will allow Isle Gas to benefit from operational continuity and the proven service capabilities of Hawai’i Gas, while remaining a distinct entity.
CorpGov: What should customers expect from this transition?
Jason Zibarras: Customers will experience no disruption. With Hawai’i Gas set to service the platform, customers can expect the same safe, reliable, and responsive service, backed by a larger team that already serves tens of thousands of propane customers across the Islands.
Looking ahead, the goal is to maintain high-quality standards while expanding service to meet the evolving needs of the communities the company serves.
CorpGov: Is this transaction a standalone, or will it be part of a broader, long-term strategy for Argo? Are there plans to purchase other similar assets in Hawai’i or other states?
Jason Zibarras: The acquisition reflects our long-term commitment to investing in essential infrastructure that delivers dependable energy services. This purchase will also strengthen our family of companies’ existing propane operations across the state, and supports our continued focus on reliability, resiliency, energy efficiency, and sustainability.
We will, of course, continue to explore opportunities to support and grow in the Hawai’i energy sector, and other regions where we see alignment with our investment strategy. Our focus is on identifying high-integrity, service-critical assets where we can deploy long-duration capital and support sustainable growth.
CorpGov: Please could you tell us a bit about who Isle Gas is?
Jason Zibarras: Isle Gas was established to acquire the gas storage and distribution assets from AmeriGas in Hawai’i. These assets play a critical role in the distributed energy landscape in the state, delivering local energy services, including heating, cooking, and providing back-up energy to a mix of residential, commercial and industrial customers across Hawai’i.
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