On March 28, 2022, Superior Plus Corp. announced its acquisition of Quarles Petroleum Inc.'s retail propane distribution and refined fuels assets for US$145 million ($180 million). The transaction, expected to close in the second quarter of 2022, is in line with Superior's strategy to invest in quality businesses in desirable geographies to increase its stable free cash flow. The Quarles Delivered Fuels Business, established in 1940, serves about 55,000 customers mainly in Virginia and includes significant infrastructure and a sizeable fleet. The acquisition is anticipated to contribute US$19 million ($24 million) in annual EBITDA, including synergies, within 24 months post-closure, aligning with Superior's 2026 EBITDA growth objectives. President and CEO Luc Desjardins expressed confidence in expanding service in Virginia and improving customer service. To support the acquisition, Superior conducted a bought deal equity offering for gross proceeds of approximately $250 million. The syndicate of underwriters was led by CIBC Capital Markets, with Brookfield as an anchor investor, committing to purchase $75 million in shares. The offering included an over-allotment option for additional shares. The proceeds are intended to reduce debt and fund future acquisitions, contributing to Superior's goal of $1.9 billion in acquisitions at a rate of about $250 million annually, while maintaining a leverage target of 3.5x to 4.0x. The offering, subject to regulatory approvals including that of the Toronto Stock Exchange, was slated to close around April 6, 2022.