Superior Plus Announces Propane Distribution Acquisition

About this update from Superior Plus Corp

[{"type":"text","content":"\n\n\n\nTSX: SPF.UN\n\n\nCALGARY, May 12 /CNW/ - Superior Plus Income Fund (the "Fund") announced\ntoday that Superior Propane, a division of Superior Plus LP has entered into\nan asset and purchase sale agreement to acquire certain propane distribution\nassets of Irving Oil Limited and Irving Oil Marketing Limited ("Irving\nAssets") located in the Clarenville, Central and Western Newfoundland area.\nThe purchase price of approximately $2.8 million (subject to certain closing\nadjustments) is expected to be financed from available bank credit facilities.\nThe asset acquisition is expected to close in the second quarter of 2008.\n\n\nGrant Billing, Chairman and Chief Executive Officer, stated that, "We are\npleased to complete this transaction with Irving in our propane distribution\narea as part of the Fund's diversification and growth strategy. Superior\nPropane has strengthened its leading market position in Canada and now\noperates in 6 regions, 43 markets and 146 satellite locations. The Fund\ncontinues to be well positioned to capitalize on future attractive investment\ngrowth opportunities from all of our businesses."\n\n\nJohn Gleason, President of Superior Propane, added that, "The acquisition\nof the Irving Assets improves Superior Propane's regional coverage in the\nNewfoundland area. Superior Propane welcomes our new customers and looks\nforward to bringing them a full suite of propane products and value-added\nservices. The recent reorganization of the propane distribution business into\nsix regional centres provides Irving customers with the benefit of a\nstate-of-the-art full service regional operations centre to meet their future\nneeds."\n\n\nAbout Superior Plus and the Fund\n\n\n--------------------------------\n\n\nSuperior Plus Income Fund is a diversified business trust. The Fund holds\n100% of Superior Plus LP, a limited partnership formed between Superior Plus\nInc., as general partner and the Fund as limited partner. Superior Plus is\nfocused on stability of distributions with value growth and has four Canadian\nbased operating divisions: Superior Propane is Canada's largest distributor of\npropane, related products and services; ERCO Worldwide is a leading supplier\nof chemicals and technology to the pulp and paper industries, a regional\nMidwest supplier of chloral...

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