Superior Plus acquires Quarles Petroleum in $145 million deal

June 8, 2022 By    

Editor’s note: Superior Plus Corp. closed on the acquisition of Quarles Petroleum. The assets included in the sale include Quarles’ delivered fuels business that supplies propane and refined fuels to residential and commercial customers in Virginia and West Virginia.

Matrix Capital Markets Group provided merger and acquisition advisory services to Quarles, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the transaction. The transaction was managed by Vance Saunders, managing director; Spencer Cavalier, co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; John Duni, vice president; and Michael Tucker, associate.


Superior Plus Corp. entered into an agreement to acquire the retail propane distribution and refined fuels assets of Quarles Petroleum. The acquisition is for an aggregate purchase price of about $145 million (CA$180 million) before adjustments for working capital.

Founded in 1940, the Quarles delivered fuels business is a retail propane distributor servicing about 55,000 residential and commercial customers primarily in Virginia. Quarles has 29 propane bulk plants, one rail terminal, about 3 million gallons of storage capacity, a fleet of 197 vehicles and about 181 employees.

“We are very pleased to enter into this transaction which expands our ability to serve propane customers in Virginia,” says Luc Desjardins, Superior Plus Corp.’s president and CEO. “The acquisition of Quarles is representative of the acquisition opportunities we are seeing in the market today, and advances us further towards our previously announced 2026 EBITDA from operations growth objectives.”

On a normalized basis, including the achievement of expected synergies and weather consistent with the five-year average, Superior says it expects Quarles to generate about $19 million in adjusted EBITDA on an annual run-rate basis 24 months following the close of the acquisition.

The acquisition, subject to customary regulatory and commercial closing conditions, is anticipated to close during the second quarter of 2022.

Featured homepage image: designer491/iStock / Getty Images Plus/Getty Images

This article is tagged with , , , and posted in News

Comments are currently closed.