Superior Plus Announces Completion of the Sale of U.S. Wholesale Refined Fuel Assets
TORONTO--(BUSINESS WIRE)-- Superior Plus Corp. (“Superior”) (TSX:SPB) is pleased to announce the completion of the previously announced sale of its wholesale refined fuels business and refined fuel terminal assets located in New York to Sunoco LP, following satisfaction of customary closing conditions for total cash consideration of approximately US $39.5 million, plus estimated net working capital of US $16.0 million (the “Transaction”).
Raymond James acted as exclusive financial advisor to Superior and Orrick, Herrington & Sutcliffe LLP acted as legal advisors to Superior in relation to the Transaction.
About Superior Plus Corp.
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 manufacture 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: firstname.lastname@example.org, Toll Free: 1-866-490-PLUS (7587).
Forward Looking Information
Certain information included herein is forward-looking, within the meaning of applicable Canadian securities laws. Such information is typically identified by words such as "anticipate", "believe", "could", "estimate", "expect", "plan", "intend", "forecast", "future", "guidance", "may", "predict", "project", "should", "strategy", "target", "will" or similar expressions suggesting future outcomes. Forward-looking information in this news release includes the estimate of net working capital relating to the Transaction, Superior believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such information should not be unduly relied upon.
Forward-looking information is not a guarantee of future performance. By its very nature, forward-looking information involves inherent assumptions, risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking information will not be achieved, including risks relating to the Transaction. Should one or more of these risks and uncertainties materialize, or should assumptions described above prove incorrect, Superior's actual performance and results in future periods may differ materially from any projections of future performance or results expressed or implied by such forward-looking information. We caution readers not to place undue reliance on this information as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.
Forward-looking information contained in this news release is provided for the purpose of providing information about management's goals, plans and range of expectations for the future and may not be appropriate for other purposes. Any forward-looking information is made as of the date hereof and, except as required by law, Superior does not undertake any obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.
Superior Plus Corp.
Beth Summers, 416-340-6015
Executive Vice President and Chief Financial Officer
Rob Dorran, 416-340-6003
Vice President, Investor Relations and Treasurer
Toll Free: 1-866-490-PLUS (7587)