Superior Plus Acquires Assets Of Yankee, Virginia Propane

(July 17, 2017) Superior Plus Corp. (Toronto) is acquiring substantially all the assets of Yankee Propane Inc. (Florida, N.Y.) and Virginia Propane Inc. (Ashland, Va.) for a reported $315 million. Yankee Propane serves residential and commercial customers in New York and New Jersey, while Virginia Propane serves residential and commercial customers statewide.

The acquisition will add about 13,000 customers and about 7.6 MMgal. of retail propane sales to Superior Plus’s energy distribution operations in the Northeast U.S. Superior has two primary businesses. Energy distribution includes propane, distillates, and supply portfolio management, and specialty chemicals includes the manufacture and sale of specialty chemicals. 

“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 the Northeast U.S. 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 U.S.,” 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 U.S. refined fuels business.

(SOURCE: The Weekly Propane Newsletter)