Business
Superior Plus Announces Expansion of its Fuel Distribution Business with a US$82.5 Million Acquisition and a CDN$45 Million Bought Deal Equity Financing
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATE...
About this update from Superior Plus Corp
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\nDISSEMINATION IN THE UNITED STATES/\n\nTSX: SPB\n\n\nCALGARY, Sept. 2 /CNW/ - Superior Plus Corp. ("Superior") is pleased to\nannounce that it has entered into an agreement to acquire certain assets which\nmake up a retail heating oil and propane distribution business ("Sunoco Retail\nHeat") from Sunoco, Inc. (R&M), and Sunoco, Inc. both Pennsylvania\ncorporations, for an aggregate purchase price of approximately US$82.5 million\nin cash plus working capital. Closing of the acquisition is subject to\ncustomary regulatory and commercial closing conditions and is anticipated to\nbe completed in September 2009.\n\n\nSunoco Retail Heat is a US distributor of a broad range of liquid fuels\nand propane gas serving markets in Pennsylvania and New York which also\nprovides comprehensive services to its customers. Sunoco Retail Heat has a\ndistribution network which includes the operation of two pipeline-supplied\nfuel terminals and 22 retail bulk plants providing up to 20 million gallons of\nstorage capacity in its core markets. In 2008, Sunoco Retail Heat delivered\napproximately 160 million gallons of heating oil, gasoline, diesel fuel,\nkerosene and propane to a diversified customer base of 97,000 residential and\ncommercial customers including residential homeowners, agriculture and\nconstruction companies, municipalities and schools. Sunoco Retail Heat\nservices its customers through a modernized fleet of approximately 356\ndelivery and service vehicles with an average age of less than 7.5 years.\nSunoco Retail Heat's management team has demonstrated significant growth both\norganically and through acquisitions by completing 37 transactions since 1999\nwhile successfully managing through various economic cycles.\n\n\nGrant Billing, Chairman and Chief Executive Officer of Superior, stated\nthat, "We are very pleased to enter into this transaction to expand our fuel\ndistribution business as part of Superior's growth strategy. Sunoco Retail\nHeat's business operations in Pennsylvania and New York are an excellent\nstrategic fit and are complementary to Superior's existing propane\ndistribution operations in Canada. In addition to increasing residential and\ncommercial heating oil products and services, Sunoco Retail Heat's\ndistribut...