Superior Plus Announces Acquisition of Assets of the Propane Distribution Assets of Porco Energy Corp.
TORONTO--(BUSINESS WIRE)-- Superior Plus Corp. (“Superior”) is pleased to announce it has entered into an agreement to acquire all of the propane distribution and other assets of Porco Energy Corp. (“Porco”), an independent propane distributor in New York serving residential and commercial customers (the “Acquisition”). The Acquisition is anticipated to close during the third quarter of 2018, subject to the satisfaction of certain customary closing conditions, and will be funded by drawing on Superior’s existing credit facility.
Founded in 1954, Porco is a well-established independent propane marketer within the state of New York. The company is anticipated to add approximately 9,300 residential and commercial customers and 5.7 million gallons (21.5 million litres) of retail propane and distillate sales to Superior’s Energy Distribution operations in the U.S. and allows Superior to strategically grow its footprint in New York.
“The acquisition of the propane distribution assets of Porco is our fifth tuck-in acquisition in 2018 and demonstrates our continued commitment to grow our footprint in the Northeast U.S.,” said Luc Desjardins, Superior’s President and CEO.
“Porco is a well-run business with a strong track record of serving customers in numerous counties in South eastern New York” said Andy Peyton, President of Superior’s U.S. Propane Distribution business. “This platform includes a strong commercial propane business as well as a growing base of residential customers.”
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 manufacture and sale of specialty chemicals.
For further information about Superior, please visit our website at: www.superiorplus.com.
Forward Looking Information
This press release may contain forward-looking statements. All forward-looking statements are based on our beliefs as well as assumptions based on information available at the time the assumption was made and on management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors deemed appropriate in the circumstances. No assurance can be given that these assumptions and expectations will prove to be correct. Forward-looking statements are not facts, but only predications and can generally be identified by the use of statements that include phrases such as "anticipate", "believe", “continue”, "could", "estimate", “foresee”, “grow”, "expect", "plan", "intend", "forecast", "future", "guidance", "may", "predict", "project", "should", "strategy", "target", "will" or similar expressions suggesting future outcomes. Forward looking statements in this press release include the expected closing and timing of the closing of the Acquisition.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties some of which are described herein. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Superior's actual results to differ materially from any projections of future results expressed or implied by such forward-looking information. These risks and uncertainties include risks related to the satisfaction of the conditions to closing of the Acquisition and performance of the businesses acquired pursuant to the Acquisition which are similar to the risks of Superior’s existing Energy Distribution Business and operation risks related to Superior’s other businesses including those identified in the Corporation’s 2017 Annual Information Form under the heading “Risk Factors”, which is available on the SEDAR website ( www.sedar.com ). 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
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