Contact: Michael Stivala
Chief Financial Officer
P.O. Box 206, Whippany, NJ 07981-0206
FOR IMMEDIATE RELEASE
Suburban Propane Partners, L.P. Appoints Lawrence C. Caldwell and
Matthew J. Chanin to an Expanded Board of Supervisors
Whippany, New Jersey, November 14, 2012 Suburban Propane Partners, L.P. (NYSE:SPH), a nationwide distributor of propane, fuel oil and related products and services, as well as a
marketer of natural gas and electricity, today announced that, at its regular meeting held on November 13, 2012, the Partnerships Board of Supervisors unanimously approved an increase in the number of independent members of the Board of
Supervisors from five to seven, and elected Lawrence C. Caldwell and Matthew J. Chanin to fill the two new positions created by the increase in the size of the Board.
Messrs. Caldwell and Chanin were elected for a term due to expire at the next Tri-Annual Meeting of Unitholders of the Partnership, currently scheduled for Spring 2015. At that meeting, under the current
Partnership Agreement, all Supervisors will be elected by the Partnerships Common Unitholders.
Mr. Caldwell brings over 40 years
of successful investment and senior executive management experience in a broad range of public and private businesses across several different industries, and has held a number of board directorships. Mr. Caldwell was a co-founder of New Canaan
Investments, Inc., a private equity investment firm, where he was one of three senior officers of the firm from 1988 through 2005. He is currently a director of Magnuson Products, LLC, a company which manufactures specialty engine components for the
automotive OEM and aftermarket. In the field of nonprofit institutions, he serves on the Board of Trustees and as Chairman of the Investment and Finance Committee of Historic Deerfield in Deerfield, Massachusetts. He also serves on the Board of
Directors and chairs both the Finance and Strategic Planning Committees of the Leventhal Map Center in Boston, Massachusetts.
brings 35 years of investment experience with a focus on highly structured private placements for companies in a broad range of industries, with a particular focus on energy companies. Mr. Chanin was Senior Managing Director of Prudential
Investment Management, a subsidiary of Prudential Financial, Inc. (Prudential), from 1996 until his retirement in January, 2012. He currently serves on the Boards of three private companies and provides consulting services to Prudential
and one other client. He has previously served on the audit committee of the board of a public company and is currently a member of the audit committee for a private company board.
In announcing these new appointments, Chairman of the Partnerships Board of Supervisors, Harold R.
Logan, Jr., said, We are extremely pleased to welcome Larry Caldwell and Matt Chanin to Suburbans Board of Supervisors. Each brings a wealth of senior executive and Board directorship experience across a broad range of industries, which
will serve the Partnership well in light of our recent growth and expansion.
Suburban Propane Partners, L.P. is a publicly-traded
master limited partnership listed on the New York Stock Exchange. Headquartered in Whippany, New Jersey, Suburban has been in the customer service business since 1928. The Partnership serves the energy needs of approximately 1.3 million
residential, commercial, industrial and agricultural customers through more than 750 locations in 41 states.