On May 31, 2023, Superior Plus Corp. completed its acquisition of Certarus Ltd. for approximately $851 million, financed with $498 million in shares and $353 million in cash, drawing from a $1.3 billion credit facility. This acquisition integrates Certarus, a leader in low carbon energy solutions like compressed natural gas (CNG), renewable natural gas (RNG), and hydrogen, into Superior’s energy distribution platform. The deal is expected to significantly enhance Superior's low carbon energy offerings and tap into a growing multibillion-dollar market.

Allan MacDonald, Superior’s CEO, emphasized the strategic importance of the acquisition, noting Certarus' established position in the low carbon energy distribution industry and its contribution to Superior's free cash flow. Curtis Philippon, President of Certarus, highlighted the synergies between the companies, especially in providing environmentally friendly energy solutions.

The transaction is expected to result in double-digit accretion to Superior’s 2023 Adjusted Operating Cash Flow (AOCF) per share and a substantial increase in free cash flow. Superior reaffirmed its 2023 Pro Forma Adjusted EBITDA guidance range of $620 to $660 million, which includes Certarus’ projected Adjusted EBITDA of $175 to $185 million.

Legal advisors for Superior were Torys LLP, Blake, Cassels & Graydon LLP, and Orrick, Herrington & Sutcliffe LLP, while Certarus was advised by Burnet, Duckworth & Palmer LLP and McCarthy Tétrault LLP. Financial advisory was provided by CIBC Capital Markets to Superior, and J.P. Morgan and National Bank Financial Inc. to Certarus.