Written on: July 15, 2021 by ICM
Superior Plus Corp. announce that one of its wholly-owned subsidiaries has entered into an agreement to acquire the equity interests of Kamps Propane, Inc., High Country Propane, Inc., Pick Up Propane, Inc., Kiva Energy, Inc., Competitive Capital, Inc. and Propane Construction and Meter Services (collectively, Kamps) for $240 million.
The acquisition is anticipated to close during the third quarter of 2021. It will significantly expand Superior’s U.S. propane distribution footprint and scale in California.
Founded in 1969 by John Kamps, Kamps is an established, independent, family-owned and operated retail and wholesale propane distributor based in California servicing approximately 45,000 residential, commercial and wholesale customers. Kamps has 14 retail branch offices, five company-operated rail terminals, over 375 vehicles and approximately 280 employees. During the year ended Dec. 31, 2020, Kamps earned approximately $27 million in revenues.
“We are very pleased to enter into this transaction which expands our U.S. propane distribution business in California,” said Luc Desjardins, Superior’s President & CEO.
“John Kamps has built a great business and we look forward to welcoming the Kamps employees to Superior and continuing to provide outstanding customer service to their customers. The acquisition of Kamps is our sixth acquisition in 2021 and moves us further towards the Superior Way Forward acquisition target of $1.9 billion. The acquisition of Kamps also establishes a large operating platform in the Western U.S. and California to continue making accretive acquisitions and generating synergies.”