http://www.marketwire.com Marketwired en Copyright: (C) Marketwired 1 http://www.marketwire.com/rss/marketwire_logo.jpg http://www.marketwire.com
TORONTO, ONTARIO–(Marketwired – June 17, 2016) – Superior Plus Corp. (TSX:SPB) (“Superior”) is pleased to announce the closing of the acquisition of Caledon Propane Inc. (“Caledon”), a propane distributor serving residential and commercial customers in Ontario and Manitoba. The purchase price was $8.0 million, subject to certain adjustments, representing approximately six times the annual Adjusted EBITDA of Caledon.
“This acquisition complements our existing operations and is consistent with our strategy to grow the Energy Distribution business through add-on acquisitions of propane companies and immediately leverage our solid platform,” said Luc Desjardins, Superior’s President and CEO. “We would like to extend a warm welcome to the Caledon customers and team,” said Greg McCamus, President of Superior Propane. “With such dedicated staff and a loyal customer base, the Caledon purchase represents a great fit with our business and company culture. The Caledon division will continue to operate from existing locations in Bolton, ON and Winnipeg, MB to ensure customers are supported with the high level of service they have come to expect.”
The Caledon acquisition was funded from Superior’s existing credit facilities. The transaction is not considered material to Superior from a financial perspective.
About the Corporation
Superior consists of three primary operating businesses: Energy Distribution includes the distribution of propane and distillates, and supply portfolio management; Specialty Chemicals includes the manufacture and sale of specialty chemicals; and Construction Products Distribution includes the distribution of specialty construction products.
For further information about Superior, please visit our website at: www.superiorplus.com.
Forward Looking Information
This press release may contain forward-looking statements. All forward-looking statements are based on our beliefs as well as assumptions based on information available at the time the assumption was made and on management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors deemed appropriate in the circumstances. No assurance can be given that these assumptions and expectations will prove to be correct. Forward-looking statements are not facts, but only predications and can generally be identified by the use of statements that include phrases such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “foresee”, “grow”, “expect”, “plan”, “intend”, “forecast”, “future”, “guidance”, “may”, “predict”, “project”, “should”, “strategy”, “target”, “will” or similar expressions suggesting future outcomes.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties some of which are described herein. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Superior’s actual results to differ materially from any projections of future results expressed or implied by such forward-looking information. These risks and uncertainties include risks related to the aquisition which are similar to the risks of Superior’s existing Energy Distribution Business and operation risks related to Superior’s other businesses including those identified in the Corporation’s 2015 Annual Information Form under the heading “Risk Factors”, which is available on the SEDAR website (www.sedar.com). Any forward-looking information is made as of the date hereof and, except as required by law, Superior does not undertake any obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.
]]>
Superior Plus Corp.
Beth Summers
Vice President and Chief Financial Officer
(416) 340-6015
(416) 340-6030 (FAX)
bsummers@superiorplus.com
Superior Plus Corp.
Rob Dorran
Vice President, Investor Relations and Treasurer
(416) 340-6003 or Toll Free: 1-866-490-PLUS (7587)
(416) 340-6030 (FAX)
rdorran@superiorplus.com
www.superiorplus.com
]]>
Fri, 17 Jun 2016 16:42:06 GMT