Superior Plus to acquire propane distribution assets of Porco Energy
Superior Plus, a Canadian energy distribution and specialty chemicals business, has agreed to acquire all of the propane distribution and other assets of US-based propane marketer Porco Energy.
Terms of the transaction were not revealed.
Established in 1954, Porco Energy is an independent propane distribution company in New York, which caters to residential and commercial customers.
Commenting on the acquisition of the propane distribution assets in New York, Andy Peyton – President of Superior Plus US Propane Distribution business said: “Porco is a well-run business with a strong track record of serving customers in numerous counties in South eastern New York.
“This platform includes a strong commercial propane business as well as a growing base of residential customers.”
The acquisition of the propane distribution assets from Porco Energy is expected to add nearly 9,300 residential and commercial customers and 5.7 million gallons of retail propane and distillate sales to the energy distribution operations in the US for Superior Plus. Apart from that, the transaction also enables the Canadian firm to grow strategically its presence in New York.
Luc Desjardins – Superior Plus President and CEO, commenting on the acquisition of the propane distribution assets in New York, said: “The acquisition of the propane distribution assets of Porco is our fifth tuck-in acquisition in 2018 and demonstrates our continued commitment to grow our footprint in the Northeast U.S.
The transaction, which will be subject to the satisfaction of certain customary closing conditions, is expected to be wrapped up during the third quarter of 2018.
Earlier this month, Superior Plus signed a deal to acquire 100% of California-based butane and propane distribution company United Pacific Energy for an undisclosed price. Prior to this, in July, the Canadian company acquired NGL Propane, a retail propane business, from NGL Energy Partners.
For more updates on chemical industry news and other industry news updates, keep following Business-News-Daily.com.