TORONTO, ONTARIO--(Marketwired - Aug. 9, 2016) - Superior Plus Corp. ("Superior") (TSX:SPB) is pleased to announce the completion of the previously announced sale of its Construction Products Distribution business ("CPD") to Foundation Building Materials, LLC following receipt of regulatory approvals for total cash consideration of US $325 million (approximately Cdn. $428 million), subject to certain customary adjustments (the "Transaction").
Luc Desjardins, President and Chief Executive Officer stated, "We are extremely pleased that we have been able to crystallize on the added value that has been created within CPD over the past several years for the benefit of our shareholders. The Transaction is a significant deleveraging event that will provide Superior with a strong balance sheet to pursue accretive acquisitions and organic growth. It is also consistent with our strategy to focus on our primary growth platforms, our Energy Distribution and Specialty Chemicals businesses."
BMO Capital Markets acted as exclusive financial advisor to Superior and Orrick, Herrington & Sutcliffe LLP and Norton Rose Fulbright Canada LLP acted as legal advisors to Superior in relation to the Transaction.
About the Corporation
Superior consists of two primary operating businesses: Energy Distribution includes the distribution of propane and distillates, and supply portfolio management; and Specialty Chemicals includes the manufacture and sale of specialty chemicals.
About Foundation Building Materials
Foundation Building Materials ("FBM") is a leading North American distributor of building materials focused on meeting and exceeding the needs of local construction trades with best-in-class services. Based in California, FBM has more than 2,000 employees in nearly 100 locations across 18 states. FBM's core values - safety first, a focus on customers and team members, honesty and integrity - form the foundation for an outstanding customer experience that is recognized across the industry.
For further information about Superior, please visit our website at: www.superiorplus.com.
Forward Looking Information
This press release may contain forward-looking statements. All forward-looking statements are based on our beliefs as well as assumptions based on information available at the time the assumption was made and on management's experience and perception of historical trends, current conditions and expected future developments, as well as other factors deemed appropriate in the circumstances. No assurance can be given that these assumptions and expectations will prove to be correct. Forward-looking statements are not facts, but only predications and can generally be identified by the use of statements that include phrases such as "anticipate", "believe", "continue", "could", "estimate", "foresee", "grow", "expect", "plan", "intend", "forecast", "future", "guidance", "may", "predict", "project", "should", "strategy", "target", "will" or similar expressions suggesting future outcomes.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties some of which are described herein. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Superior's actual results to differ materially from any projections of future results expressed or implied by such forward-looking information. Any forward-looking information is made as of the date hereof and, except as required by law, Superior does not undertake any obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.