Superior Plus Corp. acquires two Northeast propane retailers

Superior Plus Corp. acquired the assets of Yankee Propane Inc. and Virginia Propane Inc. for about $31.5 million.

Yankee Propane and Virginia Propane collectively serve customers in New York, New Jersey and Virginia. The acquisition will expand Superior Plus’ footprint in the Northeastern U.S.

“These are well-run businesses with a strong track record that will expand our operations in New York and add locations in attractive new markets for Superior in New Jersey and Virginia,” Andy Peyton, president of Superior’s U.S. refined fuels business, says.

The acquisition is anticipated to close in July. It will add about 13,000 customers and 7.6 million gallons of retail propane to Superior’s energy distribution operations in the Northeast.

“The acquisition of the assets of Yankee and Virginia, which is expected to be immediately accretive to Superior, will complement our existing propane distribution operations in the Northeast U.S. and demonstrates our commitment to grow the energy distribution business through the application of Superior’s innovative, industry-leading technology and services to propane companies acquired in Canada and the U.S.,” Luc Desjardins, Superior’s president and CEO, says.