Superior Plus Announces Acquisition of the Propane Distribution Assets of Phelps Sungas, Inc.

Source Press Release
Company Superior Plus Corp 
Tags Corporate Deals, Deals, Refining & Marketing Activities
Date March 26, 2019

Superior Plus Corp. (“Superior”) (TSX:SPB) is pleased to announce it has entered into an agreement to acquire substantially all of the propane distribution assets of Phelps Sungas, Inc. and BMK of Geneva, Inc. (“Phelps”), an independent propane distributor in upstate New York serving residential and commercial customers (the “Acquisition”). The Acquisition is anticipated to close during the second quarter of 2019, subject to the satisfaction of certain customary commercial conditions.

Phelps is an established independent propane marketer which has operated in the state of New York since 1939. The Acquisition is anticipated to add approximately 8,600 residential and commercial customers and 8.5 million gallons (32 million litres) of retail propane and distillate sales to Superior’s Energy Distribution operations in the U.S. and allows Superior to strategically grow its footprint in New York.

“The acquisition of the propane distribution assets of Phelps will be Superior’s first tuck-in acquisition in 2019 and demonstrates our continued commitment to grow our footprint in the Northeast U.S.” said Luc Desjardins, Superior’s President and CEO.

“Phelps is an established, well-run business with a strong track record of serving customers in upstate New York” said Andy Peyton, President of Superior’s U.S. Propane Distribution business. “This transaction reaffirms our focus to leverage opportunities within our current service footprint.”

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd