Superior Plus Announces Acquisition of Assets of the Propane Distribution Assets of Porco Energy Corp

Source Company Press Release
Company Superior Plus Corp.
Tags Corporate: Overview/Strategy, Country: United States, M&A: Asset Deal, Deals, Midstream: Pipeline
Date September 18, 2018

Superior Plus Corp. (“Superior”) is pleased to announce it has entered into an agreement to acquire all of the propane distribution and other assets of Porco Energy Corp. (“Porco”), an independent propane distributor in New York serving residential and commercial customers (the “Acquisition”). The Acquisition is anticipated to close during the third quarter of 2018, subject to the satisfaction of certain customary closing conditions, and will be funded by drawing on Superior’s existing credit facility.

Founded in 1954, Porco is a well-established independent propane marketer within the state of New York. The company is anticipated to add approximately 9,300 residential and commercial customers and 5.7 million gallons (21.5 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 Porco is our fifth tuck-in acquisition in 2018 and demonstrates our continued commitment to grow our footprint in the Northeast U.S.,” said Luc Desjardins, Superior’s President and CEO.

“Porco is a well-run business with a strong track record of serving customers in numerous counties in South eastern New York” said Andy Peyton, President of Superior’s U.S. Propane Distribution business. “This platform includes a strong commercial propane business as well as a growing base of residential customers."

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