Superior Plus, based in Toronto, Canada, recently closed on its $144 million acquisition of Quarles Petroleum’s retail propane and refined fuels distribution assets.
The purchase price was paid with funds drawn from Superior’s existing credit facility, the company said.
“I am excited to welcome the Quarles employees and customers to the Superior family,” said Luc Desjardins, Superior’s president and CEO. “We’re looking forward to adding to our existing service offering in Virginia and growing our business in this attractive market.”
Founded in 1940, the Quarles Delivered Fuels Business is an established retail propane distributor servicing approximately 55,000 residential and commercial customers primarily in Virginia. Quarles has 29 propane bulk plants, one rail terminal, approximately 3 million gallons of storage capacity, a fleet of 196 vehicles, and 188 employees.
On a normalized basis, including the achievement of expected synergies and weather consistent with the five-year average, Superior said it expects Quarles to generate approximately $19 million in Adjusted EBITDA on an annual run-rate basis.
Superior and Quarles entered the purchase agreement in March, the companies said.
Also in March, the propane and distillates distributor acquired the retail propane distribution assets of Reid Gas for an aggregate purchase price of approximately $1.3 million, and picked up all the issued and outstanding shares of Kamps Propane and Kiva Energy for an aggregate purchase price of approximately $240 million.