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Superior Buys Propane Footprint In Southern US States

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Superior Plus has closed the previously announced acquisition of the assets of a retail propane distribution company based in South Carolina, operating under the tradename, Freeman Gas and Electric.

The deal was originally announced in April. The purchase price, £170m, was paid with cash on hand.

Superior said the deal aligns with its core strategy of investing in established businesses that are in desirable geographies and generate stable free cash flow. It also builds on Superior’s US propane distribution footprint and scale in North Carolina, South Carolina, Georgia and Tennessee.

“I am excited to welcome the Freeman employees and customers to the Superior Plus Propane family,” said Luc Desjardins, Superior’s CEO. “We’re looking forward to expanding our footprint in the Southeast US and growing our business in this attractive market.”

Based on results of the first quarter and the expected contribution from Freeman for the remainder of the year, Superior is updating the 2021 Adjusted EBITDA guidance of $370m to $410m to a range of $380m to $420m, which increases the midpoint from $390m to $400m.

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