Superior Plus Considering Sale of Specialty Chemicals Business

TORONTO–(BUSINESS WIRE)–Superior Plus Corp. (“Superior”)(TSX:SPB) today announced it is
considering a sale of its Specialty Chemicals business which operates
under the trade name ERCO Worldwide (“Specialty Chemicals”). Superior
regularly conducts a review of its portfolio of businesses to assess the
strategic fit within the overall direction of the company. Given the
significant growth opportunities in Superior’s US Energy Distribution
business, and the potential benefits of Superior becoming a pure play
energy business focused on retail propane distribution, Superior has
retained Barclays Capital Canada Inc. (“Barclays”) to assist with a
potential sale of its Specialty Chemicals business.

In the event Specialty Chemicals is sold, Superior will evaluate the
best use of the net proceeds at the time, but expects such proceeds will
be used primarily to reduce debt and to invest in U.S. propane
distribution acquisitions. However, depending on a number of factors
which will not be determined until closer to the time a transaction, if
any, is announced, a portion of such proceeds could also be utilized by
Superior to purchase Superior common shares. Assuming completion of a
sale, Superior expects the remaining Energy Distribution business would
support the existing dividend policy.

“We expect Specialty Chemicals will be highly marketable, attracting
strong buyer interest and an attractive valuation. Upon completion of
any sale, we anticipate accelerating our US Energy Distribution growth
program where we are confident we can deliver significant value as we
apply our operating model to the acquired businesses and realize
significant synergies. However, Specialty Chemicals is a solid
sustainable business with strong cash flows and we are very comfortable
continuing to own the business if the process does not result in an
acceptable valuation.” said Luc Desjardins, President and CEO.

There can be no assurance that the sale process will result in the
completion of any transaction. Superior has not set a timetable for
completion of the review process, and it does not intend to comment
further unless a specific transaction or alternative is approved by the
Board of Directors, the review process is concluded, or it is otherwise
determined that disclosure is appropriate.

About the Corporation

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
manufacture and sale of specialty chemicals.

For further information about Superior, please visit our website at: www.superiorplus.com
or contact: Beth Summers, Executive Vice President and Chief Financial
Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Investor
Relations and Treasurer, Tel: (416) 340-6003, E-mail: investor-relations@superiorplus.com,
Toll Free: 1-866-490-PLUS (7587).

Forward Looking Information

This news release contains certain forward-looking information and
statements that are based on Superior’s current expectations, estimates,
projections and assumptions in light of its experience and its
perception of historical trends. In this news release, such
forward-looking information and statements can be identified by
terminology such as “to be”, “expects”, “annualized”, and similar
expressions.

In particular, this news release contains forward-looking statements
and information relating to the marketability of, expected buyer
interest in and potential valuation of the Specialty Chemicals business
and the expected use of proceeds if a sale transaction was completed and
the impact of a transaction on Superior’s current dividend level.
These forward-looking statements are being made by Superior based on
certain assumptions that Superior has made in respect thereof as at the
date of this news release, regarding, among other things: the success of
Superior’s operations; prevailing commodity prices, current economic
conditions, margins, volumes and exchange rates; that Superior’s future
results of operations will be consistent with past performance and
management expectations in relation thereto; the continued availability
of capital at attractive prices to fund future capital requirements;
future operating costs and growth potential of the US energy
distribution business. These forward-looking statements are not
guarantees of future performance and are subject to a number of known
and unknown risks and uncertainties detailed from time to time in
Superior’s public disclosure documents including, among other things,
those detailed under the heading “Risk Factors” in Superior’s
management’s discussion and analysis and annual information form for the
year ended December 31, 2018, which can be found at www.sedar.com.

Accordingly, readers are cautioned that events or circumstances could
cause results to differ materially from those predicted, forecasted or
projected. Such forward-looking statements are expressly qualified by
the above statements. Superior does not undertake any obligation to
publicly update or revise any forward-looking statements or information
contained herein, except as required by applicable laws.

Contacts

Beth Summers, Executive Vice President and Chief Financial Officer
Tel:
(416) 340-6015
or
Rob Dorran, Vice President, Investor
Relations and Treasurer
Tel: (416) 340-6003
E-mail: investor-relations@superiorplus.com,
Toll
Free: 1-866-490-PLUS (7587)