Superior Plus scores $412M deal for Canwest Propane

Superior Plus Corp. (TSX:SPB) has signed a deal to buy the Canwest Propane

TORONTO — Superior Plus Corp. (TSX:SPB) has signed a deal to buy the Canwest Propane industrial propane business in Western Canada from Gibson Energy Inc. (TSX:GEI) for $412 million.

Canwest is a 30-year-old company with more than 50,000 customers, including international, national and large regional companies, making it one of Canada’s largest industrial propane distributors.

Toronto-based Superior Plus said it’s aiming to find at least $20 million in pre-tax synergies within 24 to 36 months of closing the transaction.

Gibson Energy will continue to operate Canwest — which also does business under the Stittco brand — with the current management team until the transaction closes in the second half of this year.

Calgary-based Gibson Energy, which provides a variety of storage, processing, transportation and distribution services for the oil industry, set up a process last year to sell Canwest.

Stewart Hanlon, Gibson Energy’s president and chief executive officer, said Monday the deal fully values the Canwest business and will allow the company to reduce debt and focus on its infrastructure business.

Just Posted

Red Deer College waiting for feds to finalize marijuana legalization

Like businesses, Alberta and municipal governments, Red Deer College is waiting for… Continue reading

Class size only part of the problem say Central Alberta teachers

Though the Alberta auditor general’s report points out that classroom sizes continue… Continue reading

Lacombe County promoting crime prevention measures

County pushing Crime Prevention Through Environmental Design principles

Red Deer doctor concerned about patient transfers to rural hospitals

Family physician says the move creates less incentive for expansion at Red Deer hospital

Fire permit season begins in March

Earlier springs in last few years prompted Alberta government to move up fire permit season

WATCH: Red Deer’s River Bend upgrades officially open

River Bend Golf and Recreation Area is the latest venue to be… Continue reading

How to keep local news visible in your Facebook feed

Facebook has changed the news feed to emphasize personal connections. You might see less news.

As Olympics wrap up, still no coverage in North Korea

PYEONGCHANG, Korea, Republic Of — While hundreds of millions of the world’s… Continue reading

Supplier to NHL’s Calgary Flames breathes again as B.C. wine ban suspended

VICTORIA — The operators of a small British Columbia winery that landed… Continue reading

Canada’s men’s hockey team beats Czechs to win Olympic bronze

GANGNEUNG, Korea, Republic Of — Canada’s men’s hockey team has won the… Continue reading

Duncan apologizes for behaviour after drunken joyride in Pyeongchang

PYEONGCHANG, Korea, Republic Of — Canadian ski cross racer Dave Duncan is… Continue reading

In Pyeongchang, maintaining Olympic venues relies on a poor, aging workforce

GANGNEUNG, South Korea - Hockey players from Finland were circling with the… Continue reading

Trudeau’s fashion missteps highlight what not to wear on vacation

TORONTO — The traditional garb that Prime Minister Justin Trudeau and his… Continue reading

Stores make push in scan and go tech, hope shoppers adopt it

NEW YORK — Shoppers at self-checkout lanes scanning all their groceries after… Continue reading

Most Read

Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month