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
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
'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
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,
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
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
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
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:
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