Written on: June 16, 2021 by ICM
Toronto-based Superior Plus Corp. has completed its previously announced acquisition of Gaffney, SC-based retail propane distribution company Freeman Gas and Electric Co., Inc., and its assets. Terms of the deal were not disclosed.
Freeman Gas is one of the oldest and largest home propane delivery and service suppliers in the Southeast U.S. The third-generation, family-owned and operated business opened in 1936 and has grown to 23 store locations in Georgia, North Carolina, South Carolina and Tennessee.
“I am excited to welcome the Freeman employees and customers to the Superior Plus Propane family,” said Luc Desjardins, Superior’s President and CEO. “We’re looking forward to expanding our footprint in the Southeast U.S. and growing our business in this attractive market.”
Based on results of the first quarter and the expected contribution from Freeman for the remainder of the year, Superior has updated the 2021 Adjusted EBITDA guidance of $370 million to $410 million to a range of $380 million to $420 million, which increases the midpoint from $390 million to $400 million.
