Friday, October 20, 2017
TORONTO, ONTARIO (October 20, 2017) — Superior Plus Corp. ("Superior") recently announced that it has completed the acquisition of the propane distribution assets of Ohio-based R.W. Earhart Company, for an aggregate purchase price of approximately US $38.0 million. The purchase price will be funded by drawing on Superior's existing credit facility. 
R.W. Earhart Company ("Earhart"), is one of the largest independent propane distributors in Ohio serving residential and commercial propane customers. Earhart is a third-generation family business started more than 60 years ago by Robert Earhart who began delivering farm fuels and heating oil to customers in and around Troy, Ohio. Over the years, Robert’s regular fuel deliveries grew into a thriving independent business. In 1979, his son, William Earhart, became the owner and President of Earhart Petroleum, leading the company through nearly 20 years of expansion in home heating oil, wholesale fuels and fleet fueling services.
The Earhart acquisition adds approximately 12,600 residential and commercial customers and 12.5 million gallons (47.3 million liters) of retail propane sales to Superior Plus Corp.’s energy distribution operations in the U.S. "The acquisition of the propane distribution assets of Earhart will expand our existing propane distribution operations in the 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. "The Earhart acquisition is our fourth acquisition of 2017, which is at the high end of our Evolution 2020 target, and we have more opportunities available to grow both our Energy and Chemicals business through tuck-ins."
"Earhart Propane is a well-run business with a strong track record that will expand our operations into attractive new markets for Superior" said Andy Peyton, President of Superior's U.S. Refined Fuels business. "This platform includes a strong commercial propane business as well as a growing base of residential customers."
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.
R.W. Earhart Company ("Earhart"), is one of the largest independent propane distributors in Ohio serving residential and commercial propane customers. Earhart is a third-generation family business started more than 60 years ago by Robert Earhart who began delivering farm fuels and heating oil to customers in and around Troy, Ohio. Over the years, Robert’s regular fuel deliveries grew into a thriving independent business. In 1979, his son, William Earhart, became the owner and President of Earhart Petroleum, leading the company through nearly 20 years of expansion in home heating oil, wholesale fuels and fleet fueling services.
The Earhart acquisition adds approximately 12,600 residential and commercial customers and 12.5 million gallons (47.3 million liters) of retail propane sales to Superior Plus Corp.’s energy distribution operations in the U.S. "The acquisition of the propane distribution assets of Earhart will expand our existing propane distribution operations in the 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. "The Earhart acquisition is our fourth acquisition of 2017, which is at the high end of our Evolution 2020 target, and we have more opportunities available to grow both our Energy and Chemicals business through tuck-ins."
"Earhart Propane is a well-run business with a strong track record that will expand our operations into attractive new markets for Superior" said Andy Peyton, President of Superior's U.S. Refined Fuels business. "This platform includes a strong commercial propane business as well as a growing base of residential customers."
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.
