According to Superior Plus, the total transaction was valued at $412 million and is expected to provide annual profits of at least $20 million.
Founded in 1987, Canwest serves more than 50,000 customers from more than 60 locations in six Canadian provinces and territories.
The acquisition of Canwest will enhance Superior Plus’ current energy distribution business and position the business for oilfield activity recovery and improved demand in western Canada, Superior Plus adds. In addition, it will allow Superior Plus to better serve its customers.
“This transaction is a strong strategic fit on all fronts, including operations, culture, employees and management,” says Luc Desjardins, president and CEO of Superior Plus. “It will allow us to more efficiently supply propane to customers in western Canada. Canwest enhances Superior’s energy distribution business and allows for a better business position in western Canada.”
Superior Plus expects the transaction to close in the second half of 2017.