Suburban Propane Partners Lp

• EV Emeth Value Capital 2025 H2 Letter ↗ Superior Plus is presented as a sticky, scaled propane and CNG distributor whose new management team is replacing acquisition-led operations with pricing, routing and customer-retention tools. The partnership argues that company-owned tanks, favorable regional exposure and consolidation potential support durable cash flows, while Certarus expands into utility resilience, renewable natural gas and data-center power. Emeth also identifies market-share fluidity, hidden leverage, scale disadvantages and deteriorating business trajectories as recurring sources of investment mistakes. 2025 H2 SPRPY $930MSPH $1.2B

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