Canada’s Superior gains US assets of Yankee Propane and Virginia Propane
Canada-based Superior Plus has completed the acquisition of all the assets of Yankee Propane and Virginia Propane in the US.
The intent to acquire the two US firms was announced by Superior last month. The company has paid approximately $27.5m out of an aggregate purchase price of nearly $31.5m on closing.
The purchase price was paid in cash from Superior's credit facility.
Yankee Propane is a propane distributor serving residential and commercial customers in New York and New Jersey, while Virginia Propane is a similar business serving Virginia.
The acquisition is expected to benefit Superior's energy distribution operations in the north-east US with an addition of approximately 13,000 residential and commercial customers, as well as 7.6 million gallons (29.2 million litres) of retail propane sales.
In addition, the deal will expand Superior’s operations in New York, and add locations in New Jersey and Virginia, according to Superior US refined fuels business president Andy Peyton.
Superior president and CEO Luc Desjardins added at the time of the acquisition announcement that gained assets will complement the company’s existing propane distribution operations in the north-east.