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Orrick has advised Superior Plus Corp. (TSX: SPB) in the $900 million acquisition of the outstanding equity interest in NGL Propane, NGL Energy’s (NYSE:NGL) retail propane distribution business.
The acquisition will significantly expand Superior’s U.S. propane distribution business to now include NGL Propane’s over 316,000 residential, commercial and industrial customers. The closing of the transaction, which is expected to occur in Q3 2018, is subject to customary closing conditions, including antitrust approvals in the United States.
Orrick has been advising leading North American propane distributor Superior Plus since 2014. It has served as the company’s counsel on several acquisitions, including the assets of Yankee Propane, Virginia Propane and R.W. Earhart, as well as on the sale of Superior’s construction products distribution business to Foundation Building Materials and the sale of its U.S. wholesale fuel distribution business to Sunoco.
The Orrick team was led by corporate partners King Milling and Tal Hacohen and included Chris Trester and Maria Stracqualursi (corporate), Nicole Walsh, Cristine LeVasser, Brandon Soleimani, James Tian and Daniel Rothberg (real estate), Bob Lawrence, Shari Harmon and Zachary Huey (environmental law), Alex Okuliar and Diana Gillis (antitrust), Jason Flaherty and Keith Tidwell (compensation & benefits) and John Narducci and James Larkin (tax).