TORONTO–(BUSINESS WIRE)–Superior Plus Corp. (“Superior”) (TSX:SPB) is pleased to announce that through one of its wholly-owned Canadian subsidiaries it has completed two transactions to acquire:
- The equity interests of a Quebec retail propane distribution company, operating under the tradename Miller Propane (“Miller”). Miller is a well-established retail propane distributor in the Mont-Tremblant area with annual volumes of approximately 4 million litres and 5,600 residential and commercial customers.
- The assets of an Ontario retail propane distribution company, operating under the tradename Highlands Propane (“Highlands”). Highlands is a primarily residential propane distributor based in Fenelon Falls, Ontario, and delivers approximately 13 million litres of propane annually.
“These acquisitions complement our existing operations in Ontario and Quebec, and are consistent with our strategy to grow the U.S. and Canadian propane distribution business through add-on acquisitions of propane companies and immediately leverage our solid platform to improve the businesses we acquire by at least 20% to 25%,” said Luc Desjardins, Superior’s President and CEO.
“I would like to extend a warm welcome to the dedicated employees and loyal customers from these successful businesses,” said Greg McCamus President of Superior Propane. “Building on the great heritage of these well-run family businesses, we look forward to providing these customers with Superior’s industry leading digital solutions such as the SMART* Tank™ wireless monitoring system and our exclusive mySUPERIOR™ mobile app.”
The purchase price of each of these acquisitions was funded by drawing on Superior’s existing credit facility.
About the Corporation
Superior consists of two primary operating businesses: Energy Distribution includes the distribution of propane and distillates, and supply portfolio management; and Specialty Chemicals includes the production and sale of specialty chemicals.
For further information about Superior, please visit our website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Investor Relations and Treasurer, Tel: (416) 340-6003, E-mail: investor-relations@superiorplus.com, Toll Free: 1-866-490-PLUS (7587).
Contacts
Beth Summers, Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015
Rob Dorran, Vice President, Investor Relations and Treasurer
Tel: (416) 340-6003
E-mail: investor-relations@superiorplus.com
Toll Free: 1-866-490-PLUS (7587)
