EXHIBIT 99.1

                                      



                                                     PRESS RELEASE


CONTACT:     Martin M. Shea                     For Immediate Release
             Triarc Companies, Inc.
             212/230-3030

             Ron Rominiecki
             National Propane Corporation
             319/365-1550


                       NATIONAL PROPANE PARTNERS, L.P.
              COMPLETES INITIAL PUBLIC OFFERING AND PLACES DEBT


NEW YORK, New York, July 2, 1996 -- National Propane Partners, L.P.
(NYSE:NPL) a newly formed partnership created to acquire, own and operate
the propane business and assets of its managing general partner, National
Propane Corporation, announced today that its initial public offering of
6,190,476 Common Units was priced at $21.00, resulting in a yield of 10.0%
on NPL's distribution of $0.525 per Common Unit, per quarter or $2.10 per
Common Unit on an annualized basis (which distribution is not guaranteed). 
The partnership believes this is the fifth largest retail marketer of
propane in the United States.  National Propane Corporation, a general
partner, is an indirect, wholly-owned subsidiary of Triarc Companies, Inc.

NPL also announced that it has completed the private placement of $125
million aggregate principal amount of 8.54% of First Mortgage Notes to
institutional investors, these Notes have been rated BBB by Fitch Investor
Services, Inc.  The Northwestern Mutual Life Insurance Co., Connecticut
General Life Insurance Co., and Teachers Insurance and Annuity Association
of America and other institutions have agreed to purchase the Notes which
have a final maturity of June, 2010.

As a result of these transactions, NPL's initial capitalization will be
approximately $320 million.  The Common Unit offering was underwritten and
the debt placed by a group led by Merrill Lynch & Co. and Donaldson, Lufkin
and Jenrette.

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