February 18, 2021
Torys represented Birch Hill with a team that included Laurie Duke, Heding Yang, Brody Appotive and Claire Chapman (corporate/M&A), Amanda Balasubramanian and Jacob Weinstock (financing), Mitch Frazer, Zahava Blumenthal, Brad Tartick and Krupa Kotecha (pensions and employment), Michael Fortier (environmental), Omar Wakil and Christopher Caparelli (competition), Yolande Dufresne (IP), Sabrina Gherbaz, Leslie Blumer and Alex Tanenbaum (real estate), Richard Johnson, Peter Keenan, Ari Feder and Tamara Jewett (tax).
On February 18, 2021, Superior Plus Corp. (“Superior”) announced that its subsidiary, Superior Plus LP, entered into a definitive agreement with Birch Hill Equity Partners (“Birch Hill”) to sell its specialty chemicals business, operating as ERCO Worldwide (“ERCO”), for total consideration of C$725 million. Under the terms of the transaction, Superior will receive C$600 million in cash proceeds from Birch Hill, and C$125 million in the form of a 6% unsecured note issued by an affiliated entity of Birch Hill that is acquiring ERCO.
The transaction, which has been approved by Superior’s Board of Directors, is expected to close in the first or second quarter of 2021, subject to customary closing conditions.
Further information can be found on Business Wire’s website.
ERCO is focused largely on the production and supply of in-organic products along with technology for the production of chlorine dioxide.
Birch Hill is a Canadian mid-market private equity firm with over C$4 billion in capital under management.
Superior consists of two primary operating businesses: Energy Distribution includes the distribution of propane and distillates, and Specialty Chemicals includes the production and distribution of specialty chemicals products.