Birch Hill’s C$725 Million Acquisition of Chemicals Business from Superior Plus

Torys LLP and Carey represented Birch Hill in the transaction. Orrick, Herrington & Sutcliffe advised Superior Plus Corp.

Superior Plus Corp. (TSX: SPB) announced that its subsidiary, Superior Plus LP, entered into a definitive agreement with Birch Hill Equity Partners to sell its specialty chemicals business, operating as ERCO Worldwide, 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.

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.

The Torys team included Laurie Duke (Picture), 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).

In Chile, Carey advised Birch Hill with Marcos Ríos Larrain,  Salvador Valdés, Juan Pablo de la Maza, Javiera Herrera, Julio Recordón, Valentina Kuscevic, Fernanda Pardo, Elías Mohor, Paulina García, Pía Smith, Izaskún Linazasoro, Cristóbal Flores and Carlos Troncoso.

Orrick, Herrington & Sutcliffe advised Superior Plus Corp. with King Milling, Robert Lawrence, John Narducci, James Larkin, Jason Flaherty, Daniel Yost, Harry Clark, Nicole Walsh y Amy Ray. Asociados gerentes Julianne English, Matthew Coleman, Sue Cowell and Diana Gillis.

Involved fees earner: Juan Pablo De La Maza – Carey; Cristóbal Flores – Carey; Paulina García – Carey; Javiera Herrera – Carey; Valentina Kuscevic – Carey; Elías Mohor – Carey; Fernanda Pardo – Carey; Julio Recordon – Carey; Marcos Rios – Carey; Pía Smith – Carey; Carlos Troncoso – Carey; Salvador Valdés – Carey; Harry Clark – Orrick Herrington & Sutcliffe LLP; Matthew Coleman – Orrick Herrington & Sutcliffe LLP; Sue Cowell – Orrick Herrington & Sutcliffe LLP; Julianne English – Orrick Herrington & Sutcliffe LLP; Jason Flaherty – Orrick Herrington & Sutcliffe LLP; Diana Gillis – Orrick Herrington & Sutcliffe LLP; James Larkin – Orrick Herrington & Sutcliffe LLP; Robert Lawrence – Orrick Herrington & Sutcliffe LLP; King Milling – Orrick Herrington & Sutcliffe LLP; John Narducci – Orrick Herrington & Sutcliffe LLP; Amy Ray – Orrick Herrington & Sutcliffe LLP; Nicole Walsh – Orrick Herrington & Sutcliffe LLP; Daniel Yost – Orrick Herrington & Sutcliffe LLP; Brody Appotive – Torys LLP; Amanda Balasubramanian – Torys LLP; Zahava Blumenthal – Torys LLP; Leslie Blumer – Torys LLP; Christopher Caparelli – Torys LLP; Claire Chapman – Torys LLP; Yolande Dufresne – Torys LLP; Laurie Duke – Torys LLP; Ari Feder – Torys LLP; Michael Fortier – Torys LLP; Mitch Frazer – Torys LLP; Sabrina Gherbaz – Torys LLP; Tamara Jewett – Torys LLP; Richard Johnson – Torys LLP; Peter Keenan – Torys LLP; Krupa Kotecha – Torys LLP; Alex Tanenbaum – Torys LLP; Brad Tartick – Torys LLP; Omar Wakil – Torys LLP; Jacob Weinstock – Torys LLP; Heding Yang – Torys LLP;

Law Firms: Carey; Orrick Herrington & Sutcliffe LLP; Torys LLP;

Clients: Birch Hill Equity Partners Management Inc.; Superior Plus Corporation;

Author: Martina Bellini