Brookfield to invest $260m in energy distribution company

Toronto-based Brookfield Asset Management announced plans to purchase of $260 million of newly issued preferred stock of a U.S. subsidiary of Superior Plus Corp. Superior operates two businesses. An energy distribution unit includes distribution of propane and distillates, while a specialty chemicals unit includes the production and sale of specialty chemicals. The investment was made on a private placement basis and is expected to help Superior position for future growth and reduce leverage on its balance sheet. “We are pleased to partner with Superior as they continue to executive on their proven strategy of accretive tuck-ins and larger-scale acquisitions,” said David Levenson, managing partner, Brookfield. “We believe Superior is well-positioned to benefit from the ongoing consolidation of the North American propane market and look forward to supporting the business as it pursues growth opportunities.” According to Superior Plus, the addition of Brookfield as a strategic partner allows the company to pursue a greater number and scale of acquisition opportunities. “Acquisitions are becoming increasingly attractive as fewer competing buyers are pursuing growth at the current time” said Luc Desjardins, president and chief executive officer of Superior in a statement. “We are excited to partner with Brookfield on the execution of our strategy.” He added that the enhanced liquidity afforded by the influx of capital from Brookfield positions Superior to become the leading consolidator in the U.S. propane industry, which the company views as a highly opportunistic environment. The closing for the deal is expected to take place near the end of July. Upon closing, Angelo Rufino, managing partner of Brookfield, will join Superior’s board of directors.

Brookfield to invest $260m in energy distribution company

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