Superior Plus Corp. announced February 11 that through one of its wholly-owned Canadian subsidiaries it has completed two propane acquisitions.
In one, it has acquired the equity interests of a Quebec retail propane distribution company operating under the tradename Miller Propane. Miller is a retail propane distributor in the Mont-Tremblant area with annual volumes of approximately 4 million liters and 5,600 residential and commercial customers.
In the second transaction, it has acquired the assets of an Ontario retail propane distribution company operating under the tradename Highlands Propane. Highlands is a primarily residential propane distributor based in Fenelon Falls, Ontario, and delivers approximately 13 million liters of propane annually.
“These acquisitions complement our existing operations in Ontario and Quebec, and are consistent with our strategy to grow the United States and Canadian propane distribution business through add-on acquisitions of propane companies and immediately leverage our solid platform to improve the businesses we acquire by at least 20% to 25%,” said Luc Desjardins, Superior's president and chief executive officer.
“I would like to extend a warm welcome to the dedicated employees and loyal customers from these successful businesses,” said Greg McCamus, president of Superior Propane. “Building on the great heritage of these well-run family businesses, we look forward to providing these customers with Superior’s industry leading digital solutions such as the SMART* Tank wireless monitoring system and our exclusive mySUPERIOR mobile app.”
The purchase price of each of these acquisitions was funded by drawing on Superior's existing credit facility.
