M&A Deal Summary

Superior Plus Acquires NGL Propane

On May 30, 2018, Superior Plus acquired distribution company NGL Propane from NGL for 900M USD

Acquisition Highlights
  • This is Superior Plus’ 7th transaction in the Distribution sector.
  • This is Superior Plus’ 2nd largest (disclosed) transaction.
  • This is Superior Plus’ 9th transaction in the United States.
  • This is Superior Plus’ 1st transaction in Oklahoma.

M&A Deal Summary
Date 2018-05-30
Target NGL Propane
Sector Distribution
Buyer(s) Superior Plus
Sellers(s) NGL
Deal Type Divestiture
Deal Value 900M USD

Target

NGL Propane

Tulsa, Oklahoma, United States
website
NGL Propane LLC sells propane and distillates to over 316,000 residential, commercial and industrial customers. NGL Propane, with over 1,000 employees in 151 locations (including 61 satellite distribution locations) and a fleet in excess of 1,000 trucks, services 22 states in the Northeast U.S., Southeast U.S. and Upper Midwest U.S. NGL Propane, trades under prominent regional brands, including Osterman Propane, Downeast Energy, Eastern Propane, Atlantic Propane, Anthem Propane, Gas Inc. and Brantley Gas.

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Buyer(S) 1

Buyer

Superior Plus

Toronto, Ontario, Canada

website

Category Company
Founded 1996
Sector Diversified
Employees4,261
Revenue 3.4B CAD (2022)
DESCRIPTION

Superior Plus is a diversified company that engages in the energy distribution and specialty chemicals business. The company operates two separate businesses: Energy Distribution and Specialty Chemicals. All of the businesses are operated on the principles of entrepreneurship, continuous improvement, executing on objectives, safety, and teamwork. Superior Plus was founded in 1996 and is based in Toronto, Ontario.

DEAL STATS #
Overall 13 of 32
Sector (Distribution) 7 of 21
Type (Divestiture) 4 of 5
State (Oklahoma) 1 of 1
Country (United States) 9 of 25
Year (2018) 1 of 4
Size (of disclosed) 2 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-18 The R.W. Earhart

Troy, Ohio, United States

The R.W. Earhart Co. is one of the largest independent propane distributors in Ohio serving residential and commercial customers. Earhart is a well-established, leading independent propane marketer within the state of Ohio. The company is anticipated to add approximately 12,600 residential and commercial customers and 12.5 million gallons (47.3 million litres) of retail propane.

Buy $38M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-14 United Liquid Gas

Reno, Nevada, United States

United Liquid Gas Co. is an independent wholesale propane and butane distributor with operations in California. UPE operates four rail terminals with approximately 9.8 million litres of natural gas liquid storage capacity; serving over 115 wholesale customers, which include retail propane distribution companies, primarily in the California market.

Buy -

Seller(S) 1

SELLER

NGL

Tulsa, Oklahoma, United States

website

Category Company
Founded 1940
Sector Energy Services and Equipment
Employees842
Revenue 7.9B USD (2022)
DESCRIPTION

NGL operates a vertically integrated energy business with three operating segments: midstream, wholesale supply and marketing, and retail propane. NGL was founded in 1940 and is based in Tulsa, Oklahoma.

DEAL STATS #
Overall 2 of 4
Sector (Distribution) 1 of 1
Type (Divestiture) 1 of 3
State (Oklahoma) 1 of 2
Country (United States) 2 of 4
Year (2018) 1 of 3
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-01 Sawtooth Caverns

Delta, Utah, United States

Sawtooth Caverns is a provider of natural gas liquids (NGLs) storage service in the Western United States (PADD IV and V markets). The facility currently has 5 caverns with a combined storage capacity of 6.2 million barrels, which provides storage of propane, normal butane, and refinery grade butanes. Sawtooth Caverns is based in Delta, Utah.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-12 NGL Energy Partners - Water Solutions Bakken

Tulsa, Oklahoma, United States

NGL Energy Partners LP - Water Solutions Bakken operations include five saltwater disposal wells located in McKenzie and Dunn Counties, North Dakota. The Water Solutions segment provides services for the treatment and disposal of wastewater generated from crude oil and natural gas production and for the disposal of solids such as tank bottoms and drilling fluids and performs truck and frac tank washouts. In addition, the Water Solutions segment sells the recovered hydrocarbons that result from performing these services.

Sell $91M
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