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Superior has acquired five propane businesses in the past six months.
Superior Plus Corp. delivered on a two-year-old promise to focus the company on propane distribution on Thursday by selling its chemical business for $725-million to private equity fund manager Birch Hill Equity Partners.
Toronto-based Superior put its chemical division up for sale the spring of 2019 as part of a strategic decision to focus on the propane industry. The company acquired the business, which sells industrial chemicals used in pulp and paper and water treatment, in 2002 for $375-million. At the time of the purchase, Superior faced challenges from Canada’s competition regulator over plans to expand its domestic propane business. The company has since responded by expanding into the United States, making a series of acquisitions, many of which were financed with debt.
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