Superior Plus Corp., parent company of Superior Plus Energy Services, acquired Caledon Propane Inc., a propane distributor that serves residential and commercial customers in Manitoba and Ontario, Canada.
According to Superior, the company purchased Caledon Propane for $8 million, subject to certain adjustments, representing about six times the annual adjusted EBITDA of Caledon Propane.
“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,” says Luc Desjardins, Superior’s president and CEO, in a company statement.
Greg McCamus, president of Superior Propane, says the Caledon Propane division will continue to operate from its existing locations in Bolton, Ontario, and Winnipeg, Manitoba, to ensure its customers receive the same service support.
Superior Plus consists of three divisions: energy services, specialty chemicals and construction product distribution. Its energy services division includes the distribution of propane and distillates, providing fixed-price energy services and supply portfolio management.