Superior Plus Energy Services Inc., a subsidiary of Superior Plus Corp. has purchased Freeman Gas and Electric Co. Inc. from Matrix Capital Markets Group Inc., an independent investment bank. Freeman is a family-owned propane distributor in the U.S.
“In Superior Plus, we found an outstanding partner who can carry on the Freeman legacy of excellence in service to our customers, and support for our employees and the communities we serve,” says Freeman Gas president Rob Freeman. “Matrix was a key part of this search, and in consummating the transaction. They provided excellent guidance. We cannot thank the Matrix team enough for the support they provided.”
Matrix provided merger and acquisition advisory services to Freeman, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction.
Matrix managing director Vance Saunders added, “Rob and the Freeman family have built a truly remarkable enterprise and one of the propane industry’s largest and most highly regarded private companies. We are honored that they entrusted us with this assignment to realize the value created by three generations of hard work and dedication, and it has been a pleasure working with the Freeman family and their team. We wish them all the best in their future endeavors.”