Superior Plus Announces Sale of U.S. Wholesale and Retail Distillate Assets

TORONTO–(BUSINESS WIRE)–Superior Plus Corp. (“Superior”) announced today that Superior Plus
Energy Services (“SPES”), a subsidiary of Superior Plus LP, has entered
into a definitive agreement with Sunoco LP to sell the wholesale refined
fuels business and refined fuel terminal assets located in New York for
total cash consideration of US$39.8 million (approximately Cdn. $51.4
million), plus net working capital at closing (the “Transaction”). The
Transaction is subject to customary purchase price adjustments, closing
conditions and is expected to close in April 2018. Superior also closed
on the sale of certain retail distillate assets in Pennsylvania today to
another third-party for total cash consideration of approximately
US$16.0 million (approximately Cdn $20.7 million).

“The sale of these wholesale and retail distillate assets is consistent
with our goal to streamline our product offerings, reduce our heating
oil and distillate business exposure and grow our U.S. business by
investing in retail propane distribution assets,” stated Luc Desjardins,
Superior’s President and CEO. “The proceeds from the sale of these
assets allows us to repay debt which can be redrawn to fund acquisitions
of retail propane assets consistent with our corporate strategy while
maintaining our earnings guidance for 2018.”

The assets to be sold to Sunoco LP are part of SPES’ wholesale refined
fuels operations across five states in the northeast U.S. and
includes three pipeline connected terminals located in New York.

Superior confirms that, assuming completion of these divestitures, its
guidance for 2018 of Adjusted Operating Cash Flow per share of $1.65 to
$1.95 and Adjusted EBITDA of $295 million to $335 million remains
unchanged.

About Superior Plus Corp.
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
Certain information included
herein is forward-looking, within the meaning of applicable Canadian
securities laws. Such information is typically identified by words such
as "anticipate", "believe", "could", "estimate", "expect", "plan",
"intend", "forecast", "future", "guidance", "may", "predict", "project",
"should", "strategy", "target", "will" or similar expressions suggesting
future outcomes. Forward-looking information in this news release
includes forward looking information relating to the completion and
timing of the Transaction, the use of proceeds from, the transactions,
and Superior’s 2018 adjusted operating cash flow and Adjusted EBITDA
outlook. Superior believes the expectations reflected in such
forward-looking information are reasonable but no assurance can be given
that these expectations will prove to be correct and such information
should not be unduly relied upon.

Forward-looking information is not a guarantee of future performance.
By its very nature, forward-looking information involves inherent
assumptions, risks and uncertainties, both general and specific, and
risks that predictions, forecasts, projections and other forward-looking
information will not be achieved, including risks relating to
satisfaction of the conditions to, and completion of, the Transaction.
Should one or more of these risks and uncertainties materialize, or
should assumptions described above prove incorrect, Superior's actual
performance and results in future periods may differ materially from any
projections of future performance or results expressed or implied by
such forward-looking information. We caution readers not to place undue
reliance on this information as a number of important factors could
cause the actual results to differ materially from the beliefs, plans,
objectives, expectations and anticipations, estimates and intentions
expressed in such forward-looking information.

Forward-looking information contained in this news release is
provided for the purpose of providing information about management's
goals, plans and range of expectations for the future and may not be
appropriate for other purposes. Any forward-looking information is made
as of the date hereof and, except as required by law, Superior does not
undertake any obligation to publicly update or revise such information
to reflect new information, subsequent or otherwise.

Non-GAAP Financial Measures
Adjusted
Operating Cash Flow
AOCF is equal to cash flow from
operating activities as defined by IFRS, adjusted for changes in
non-cash working capital, other expenses, non-cash interest expense,
current income taxes and finance costs. Superior may deduct or include
additional items in its calculation of AOCF; these items would
generally, but not necessarily, be items of a non-recurring nature. AOCF
is the main performance measure used by management and investors to
evaluate Superior’s performance. Readers are cautioned that it is not a
defined performance measure under IFRS and cannot be assured. Superior’s
calculation of AOCF may differ from similar calculations used by
comparable entities. AOCF represents cash flow generated by Superior
that is available for, but not necessarily limited to, changes in
working capital requirements, investing activities and financing
activities of Superior.

Adjusted EBITDA
Adjusted EBITDA represents earnings
before taxes, depreciation, amortization, finance expense and certain
other non-cash expenses, and is used by Superior to assess its
consolidated results and those of its operating segments. EBITDA is not
a defined performance measure under IFRS. Superior’s calculation of
EBITDA may differ from similar calculations used by comparable entities.

Contacts

Superior Plus Corp.
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
Toll Free: 1-866-490-PLUS (7587)
investor-relations@superiorplus.com