Superior Plus Completes Strategic Acquisition of Fackoury's

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 its wholly owned indirect subsidiary Superior Plus Inc. (GP) has\nsuccessfully closed the acquisition of all issued and outstanding securities\nof Fackoury's Building Supplies Ltd. and associated entities ("Fackoury's").\nThe purchase price of $21 million was financed from available bank credit\nfacilities. The acquisition agreement was previously announced on May 6, 2008\nin the Fund's First Quarter 2008 Financial Results.\n\n\nFackoury's was founded in 1986 and operates out of two locations in\nCambridge and Concord, Ontario. Fackoury's distributes a full suite of\nspeciality products to the walls and ceilings industry and has a large market\nposition in the Ontario gypsum speciality dealer segment.\n\n\nGrant Billing, Chairman and Chief Executive Officer, stated that, "We are\npleased to complete this transaction with Fackoury's in our construction\nproducts distribution area as part of the Fund's diversification and growth\nstrategy. Winroc has strengthened its leading market position in Canada and\nnow operates in 43 branch locations in North America. Our strong balance sheet\nwith over $300 million in credit capacity will allow the Fund to capitalize on\nattractive investment growth opportunities from all of our businesses in the\nfuture."\n\n\nPaul Vanderburg, President of Winroc, added that, "The acquisition of\nFackoury's distribution operations further strengthens Winroc's market share\nin Southern Ontario and the Greater Toronto Area. Winroc had previously\nacquired Interior Building Supplies in 2004 with locations in Windsor, London\nand Cambridge, as well as Leon's Insulation in 2005 with operations in\nBurlington and Stouffville. The Fackoury's operations will be integrated into\nWinroc's Ontario branch network. The Fackoury management and employees are\nexpected to become part of the Winroc team."\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 fo...

More updates from Superior Plus Corp