Su­pe­rior Plus to buy Can­west Propane from Gib­son En­ergy

Cape Breton Post - - HEALTH/LIFESTYLES/BUSINESS -

TORONTO - Su­pe­rior Plus Corp. (TSX:SPB) has signed a deal to buy the Can­west Propane in­dus­trial propane busi­ness in West­ern Canada from Gib­son En­ergy Inc. (TSX:GEI) for $412 mil­lion. Can­west is a 30-year-old com­pany with more than 50,000 cus­tomers, in­clud­ing in­ter­na­tional, na­tional and large re­gional com­pa­nies, mak­ing it one of Canada’s largest in­dus­trial propane distrib­u­tors. Toronto-based Su­pe­rior Plus said it’s aim­ing to find at least $20 mil­lion in pre-tax syn­er­gies within 24 to 36 months of clos­ing the trans­ac­tion. Gib­son En­ergy will con­tinue to op­er­ate Can­west - which also does busi­ness un­der the Stittco brand - with the cur­rent man­age­ment team un­til the trans­ac­tion closes in the sec­ond half of this year. Cal­gary-based Gib­son En­ergy, which pro­vides a va­ri­ety of stor­age, pro­cess­ing, trans­porta­tion and dis­tri­bu­tion ser­vices for the oil in­dus­try, set up a process last year to sell Can­west.

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