Superior Plus Corp. ('Superior') (TSX: SPB) today announced that Brookfield Asset Management Inc. ('Brookfield'), through its Special Investments program, agreed to make a US$260 million (approximately C$350 million) equity investment (the 'Brookfield Investment') in Superior through the purchase of newly created perpetual exchangeable Series 1 Preferred Stock (the 'Preferred Stock') of a U.S. subsidiary of Superior (the 'Superior Subsidiary') on a private placement basis.

The Brookfield Investment is expected to provide several immediate benefits to Superior, while optimally positioning Superior for future growth.

Immediate Reduction in Leverage - Significantly strengthens Superior's balance sheet with an immediate reduction in the Total Debt to Adjusted EBITDA Leverage Ratio to approximately 3.2x based on the trailing twelve months Adjusted EBITDA as of April 30, 2020, placing Superior in its long term targeted leverage range of 3.0x to 3.5x.

Establishes Long-Term Strategic Shareholder - The addition of a highly respected strategic partner in Brookfield, with significant financial strength and tremendous transaction expertise across its global investment team, positions Superior to pursue a greater number and scale of acquisition opportunities.

'Acquisitions are becoming increasingly attractive as fewer competing buyers are pursuing growth at the current time', said Luc Desjardins, President and Chief Executive Officer of Superior. 'We are excited to partner with Brookfield on the execution of our strategy. Our differentiated business platform, combined with the improved financial strength and enhanced liquidity resulting from the Brookfield Investment, positions Superior to become the leading consolidator in the U.S. propane industry, which we view as a highly opportunistic environment.'

'We are pleased to partner with Superior as they continue to execute on their proven strategy of accretive tuck-ins and larger-scale acquisitions', said David Levenson, Managing Partner, Brookfield. 'We believe Superior is well-positioned to benefit from the ongoing consolidation of the North American propane market and look forward to supporting the business as it pursues growth opportunities.'

About Superior

Superior consists of two primary operating businesses: Energy Distribution includes the distribution of propane and distillates, and supply portfolio management and Specialty Chemicals includes the production and sale of specialty chemicals.

Non-GAAP Financial Measures

In this press release, Superior has used the following term that are not defined by International Financial Reporting Standards ('Non-GAAP Financial Measures') but are used by management to evaluate the performance of Superior and its business: Total Debt to Adjusted EBITDA Leverage Ratio and Adjusted EBITDA. These measures may also be used by investors, financial institutions and credit rating agencies to assess Superior's performance and ability to service debt. Non-GAAP financial measures do not have standardized meanings prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other companies. Securities regulations require that Non-GAAP financial measures are clearly defined, qualified and reconciled to their most comparable GAAP financial measures. Except as otherwise indicated, these Non-GAAP financial measures are calculated and disclosed on a consistent basis from period to period. Specific items may only be relevant in certain periods.

The intent of Non-GAAP financial measures is to provide additional useful information to investors and analysts, and the measures do not have any standardized meaning under IFRS. The measures should not, therefore, be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Other issuers may calculate Non-GAAP financial measures differently. Investors should be cautioned that Adjusted EBITDA should not be construed as an alternative to net earnings, cash flow from operating activities or other measures of financial results determined in accordance with GAAP as an indicator of Superior's performance.

Forward Looking Information

Certain information included herein is forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information may include statements regarding the objectives, business strategies to achieve those objectives, expected financial results (including those in the area of risk management), economic or market conditions, and the outlook of or involving Superior, Superior LP and its businesses. Such information is typically identified by words such as 'anticipate', 'believe', 'continue', 'estimate', 'expect', 'plan', 'forecast', 'future', 'outlook, 'guidance', 'may', 'project', 'should', 'strategy', 'target', 'will' or similar expressions suggesting future outcomes.

Forward-looking information in this document includes: future financial position, expected total debt to Adjusted EBITDA leverage ratio, expected pro forma fully diluted ownership interest of Brookfield in Superior, anticipated use of proceeds from the Brookfield Investment, expected timing for completing the Brookfield Investment and expected timing of dividend payments.

Forward-looking information is provided for the purpose of providing information about management's expectations and plans about the future and may not be appropriate for other purposes. Forward-looking information herein is based on various assumptions and expectations that Superior believes are reasonable in the circumstances. No assurance can be given that these assumptions and expectations will prove to be correct. Those assumptions and expectations are based on information currently available to Superior, including information obtained from third party industry analysts and other third-party sources, and the historic performance of Superior's businesses. Such assumptions include the timing of receipt of necessary regulatory approvals, that all conditions to the closing of the Brookfield Investment will be satisfied, that the Brookfield Investment will be completed on the terms set forth in the Subscription Agreement and other transaction agreements, anticipated financial performance, current business and economic trends, the amount and timing of future dividends paid by Superior, business prospects, utilization of tax basis, regulatory developments, currency, exchange and interest rates, future commodity prices relating to the oil and gas industry, future oil rig activity levels, trading data, cost estimates, our ability to obtain financing on acceptable terms, expected life of facilities and statements regarding net working capital, anticipated operational and capital expenditure reductions, the length and impact of COVID-19 on Superior's businesses and customers and capital expenditure requirements of Superior or Superior LP, the assumptions set forth under the 'Financial Outlook' sections of our MD&A. The forward-looking information is also subject to the risks and uncertainties set forth below.

By its very nature, forward-looking information involves numerous assumptions, risks and uncertainties, both general and specific. Should one or more of these risks and uncertainties materialize or should underlying assumptions prove incorrect, as many important factors are beyond our control, Superior's or Superior LP's actual performance and financial results may vary materially from those estimates and intentions contemplated, expressed or implied in the forward-looking information or the Brookfield Investment may not be completed. These risks and uncertainties include those relating to satisfaction of the conditions to completion of the Brookfield Investment, the risk that the Brookfield Investment is not completed on the terms set out in the Subscription Agreement or at all, incorrect assessments of value when making acquisitions, increases in debt service charges, the loss of key personnel, the anticipated impact of the COVID-19 pandemic and the expected economic recession, fluctuations in foreign currency and exchange rates, inadequate insurance coverage, liability for cash taxes, counterparty risk, compliance with environmental laws and regulations, reduced customer demand, operational risks involving our facilities, force majeure, labour relations matters, our ability to access external sources of debt and equity capital, and the risks identified in (i) our MD&A under the heading 'Risk Factors' and (ii) Superior's most recent Annual Information Form. The preceding list of assumptions, risks and uncertainties is not exhaustive.

When relying on our forward-looking information to make decisions with respect to Superior, investors and others should carefully consider the preceding factors, other uncertainties and potential events.

Contact:

Beth Summers

Tel: (416) 340-6015

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