Superior Plus Corp. (“Superior”) is pleased to announce it has entered into an agreement to acquire all of the issued and outstanding shares of United Liquid Gas Company, which operates under the trade name United Pacific Energy (“UPE”) an independent wholesale propane and butane distributor in California (the “Acquisition”). The Acquisition will be funded by drawing on Superior’s existing credit facility and is anticipated to close early in the fourth quarter, subject to the satisfaction of certain customary closing conditions.
UPE is a well-established independent wholesale propane and butane distributor with operations in California. UPE operates four rail terminals with approximately 9.8 million litres of natural gas liquid storage capacity; serving over 115 wholesale customers, which include retail propane distribution companies, primarily in the California market.
“The acquisition of UPE is consistent with our Evolution 2020 objective to expand the wholesale propane business through opportunistic acquisitions across North America and demonstrates our commitment to further expand our wholesale propane marketing presence in the U.S.,” said Luc Desjardins, Superior’s President and CEO. “The acquisition of UPE is our fifth acquisition in 2018 and fourth tuck-in acquisition.”
“UPE is a well-run business with over 20 years serving propane customers in the California marketplace” said Shawn Vammen, Senior Vice President of Superior’s Supply Portfolio Management business. “This acquisition adds significant volume to our portfolio, diversifies our customer and geographical base and includes an attractive group of assets with coastal presence that is integral in our continued expansion of the wholesale business along the western coast of the U.S.”
Source: Superior Plus Corp.
Date: Sep 14, 2018