Superior Plus Acquires US Propane Distributors for $31.5 mn

Superior Plus Corp (SPB) has entered into an agreement to acquire substantially all of the assets of Yankee Propane Inc (Yankee) and Virginia Propane Inc (Virginia) for an aggregate purchase price of approximately $31.5 million.

Yankee is a propane distributor serving residential and commercial customers in New York and New Jersey, and Virginia is a propane distributor serving residential and commercial customers in Virginia.

Yankee and Virginia will add approximately 13,000 residential and commercial customers and approximately 7.6 million gallons (29.2 million litres) of retail propane sales to Superior's energy distribution operations in the Northeast US.

"The acquisition of the assets of Yankee and Virginia, which is expected to be immediately accretive to Superior, will complement our existing propane distribution operations in Northeast US and demonstrates our commitment to grow the energy distribution business through the application of Superior's innovative, industry leading technology and services to propane companies acquired in Canada and the US," said Luc Desjardins, Superior's president and CEO.

"These are well-run businesses with a strong track record that will expand our operations in New York, and add locations in attractive new markets for Superior in New Jersey and Virginia," added Andy Peyton, president of Superior's US refined fuels business.