NEW YORK (March 26, 2019) — Superior Plus Corp. (“Superior”) (TSX:SPB) has announced it has entered into an agreement to acquire substantially all of the propane distribution assets of Phelps Sungas, Inc. and BMK of Geneva, Inc. (“Phelps”), a leading, independent propane distributor in upstate New York serving residential and commercial customers since 1939. The Acquisition is anticipated to close during the second quarter of 2019, subject to the satisfaction of certain customary commercial conditions. Phelps Sungas is an established independent propane marketer which has operated in the state of New York for 80 years. The Acquisition is anticipated to add approximately 8,600 residential and commercial customers and 8.5 million gallons (32 million litres) of retail propane and distillate sales to Superior’s Energy Distribution operations…
NEW YORK (March 26, 2019) — Superior Plus Corp. (“Superior”) (TSX:SPB) has announced it has entered into an agreement to acquire substantially all of the propane distribution assets of Phelps Sungas, Inc. and BMK of Geneva, Inc. (“Phelps”), a leading, independent propane distributor in upstate New York serving residential and commercial customers since 1939. The Acquisition is anticipated to close during the second quarter of 2019, subject to the satisfaction of certain customary commercial conditions. Phelps Sungas is an established independent propane marketer which has operated in the state of New York for 80 years. The Acquisition is anticipated to add approximately 8,600 residential and commercial customers and 8.5 million gallons (32 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 Phelps will be Superior’s first tuck-in acquisition in 2019 and demonstrates our continued commitment to grow our footprint in the Northeast U.S.” said Luc Desjardins, Superior’s President and CEO. “Phelps is an established, well-run business with a strong track record of serving customers in upstate New York” said Andy Peyton, President of Superior’s U.S. Propane Distribution business. “This transaction reaffirms our focus to leverage opportunities within our current service footprint.” 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.
