M&A Deal Summary

Superior Plus Acquires Caledon Propane

On June 17, 2016, Superior Plus acquired utilities company Caledon Propane for 8M USD

Acquisition Highlights
  • This is Superior Plus’ 1st transaction in the Utilities sector.
  • This is Superior Plus’ 16th largest (disclosed) transaction.
  • This is Superior Plus’ 3rd transaction in Canada.
  • This is Superior Plus’ 2nd transaction in Ontario.

M&A Deal Summary
Date 2016-06-17
Target Caledon Propane
Sector Utilities
Buyer(s) Superior Plus
Deal Type Add-on Acquisition
Deal Value 8M USD

Target

Caledon Propane

Bolton, Ontario, Canada
Caledon Propane, Inc. is a propane distributor serving residential and commercial customers in Ontario and Manitoba. It serves customers through a network of dealers.

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Buyer(S) 1

Buyer

Superior Plus

Toronto, Ontario, Canada
Category Company
Founded 1989
Sector Diversified
Employees4,261
Revenue 3.4B CAD (2023)
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 1989 and is headquartered in Toronto, Ontario.

DEAL STATS #
Overall 8 of 32
Sector (Utilities) 1 of 2
Type (Add-on Acquisition) 6 of 27
State (Ontario) 2 of 3
Country (Canada) 3 of 7
Year (2016) 1 of 1
Size (of disclosed) 16 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-01-20 Griffith Energy

Albion, New York, United States

Griffith Energy a combined marketers of propane, heating oil, and power fuels in western and central New York. Based in Rochester, NY, Griffith distributes energy to more than 90,000 residential customers and more than 8,000 wholesale, commercial, and gasoline customers. Griffith also distributes gasoline, diesel fuel and kerosene to commercial customers such as farmers, trucking and construction companies, and to branded gasoline dealers such as Mobil, Sunoco, and Citgo. In November 2003, PNC Equity Partners worked exclusively with the management team of Griffith to buy the company from Energy East Corporation. PNC Equity Partners conducted the due diligence process, structured the financing, and negotiated the acquisition, investing $17.4 million in the form of preferred and common stock. In addition, PNC Equity Partners partnered with the former owner of Griffith who, along with management, made a significant capital contribution. PNC Equity Partners arranged the senior and subordinated financing with Merrill Lynch leading the senior debt syndicate and Allied Capital providing subordinated debt to complete the transaction. Since PNC Equity Partners' initial investment, the company has completed four acquisitions and refinanced its senior and subordinated debt.

Buy $125M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-09 Superior Plus - Construction Products Distribution Business

Toronto, Ontario, Canada

Superior Plus - Construction Products Distribution Business comprises construction products distribution business that distributes commercial and industrial insulation; specialty walls and ceiling products; and specialty construction products to the walls and ceilings industry. The business is located in Canada.

Sell CA$428M
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