M&A Deal Summary

Superior Plus Acquires Quarles Petroleum - Retail Propane Distribution and Refined Fuels Assets

On March 28, 2022, Superior Plus acquired oil/gas exploration company Quarles Petroleum - Retail Propane Distribution and Refined Fuels Assets from Quarles Petroleum for 145M USD

Acquisition Highlights
  • This is Superior Plus’ 2nd transaction in the Oil/Gas Exploration sector.
  • This is Superior Plus’ 9th largest (disclosed) transaction.
  • This is Superior Plus’ 25th transaction in the United States.
  • This is Superior Plus’ 2nd transaction in Virginia.

M&A Deal Summary
Date 2022-03-28
Target Quarles Petroleum - Retail Propane Distribution and Refined Fuels Assets
Sector Oil/Gas Exploration
Buyer(s) Superior Plus
Sellers(s) Quarles Petroleum
Deal Type Divestiture
Deal Value 145M USD

Target

Quarles Petroleum - Retail Propane Distribution and Refined Fuels Assets

Fredericksburg, Virginia, United States
Quarles Petroleum, Inc. - Retail Propane Distribution and Refined Fuels Assets provides propane distributor services to residential and commercial customers primarily in Virginia.

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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 31 of 32
Sector (Oil/Gas Exploration) 2 of 2
Type (Divestiture) 5 of 5
State (Virginia) 2 of 2
Country (United States) 25 of 25
Year (2022) 2 of 3
Size (of disclosed) 9 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-23 Kiva Energy

Sandy, Utah, United States

Kiva Energy is a Full-Service wholesale Propane Gas Provider serving propane companies, institutions, and facilities. Kiva Energy is based in Sandy, Utah.

Buy $240M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-22 Certarus

Calgary, Alberta, Canada

Certarus is a provider of on-road low-carbon energy solutions through a fully integrated CNG, renewable natural gas, and hydrogen platform. The company safely delivers clean-burning fuels to energy, utility, agricultural and industrial customers not connected to a pipeline. By displacing more carbon-intensive fuels, it is leading the energy transition and helping customers lower operating costs and improve environmental performance. Certarus is based in Calgary, Alberta.

Buy $1.1B

Seller(S) 1

SELLER

Quarles Petroleum

Fredericksburg, Virginia, United States
Category Company
Founded 1940
Sector Oil/Gas Exploration
DESCRIPTION

Quarles Petroleum, Inc. is a provider of oil and gas exploration services. It major product lines are residential propane and oil, commercial delivered fuels, fleet card sites and services, and lubricants.

DEAL STATS #
Overall 1 of 1
Sector (Oil/Gas Exploration) 1 of 1
Type (Divestiture) 1 of 1
State (Virginia) 1 of 1
Country (United States) 1 of 1
Year (2022) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-26 Dixie Gas & Oil

Verona, Virginia, United States

Dixie Gas & Oil Corp. is a third-generation family-owned propane, commercial fuels, and home heating oil distributor. Dixie Gas & Oil Corp. was formed in 1946 and is based in Verona, Virginia.

Buy -
Mergr

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