NEWSTORONTO, April 7, 2014 /CNW/ - Crius Energy Trust (TSX: KWH.UN), today announced that Crius Energy LLC, a comprehensive energy solutions provider, has executed, through its affiliates, a binding agreement to acquire the U.S. retail energy customer portfolio of Superior Plus Energy Services, a division of Superior Plus Corp. (TSX: SPB). The acquisition includes approximately 20,000 residential and small commercial customer accounts totaling approximately 40,000 residential customer equivalents.
The acquisition strengthens the company's geographic footprint in New York and Pennsylvania and adds to its growing portfolio of fixed rate accounts. In addition, the transaction furthers the ongoing diversification of its customer mix by increasing the company's overall commercial customer base by approximately 15%. Customers added through the acquisition will not experience any change to their service and will be seamlessly transitioned either to Public Power or FTR Energy Services, two of Crius Energy's retail brands, based on location and service type.
"This is an important acquisition for us that furthers our diversification efforts and leverages our multi-channel platform for growth," said Michael Fallquist, Chief Executive Officer of the Trust and Crius Energy. "We welcome the customers to the Crius Energy family of brands and are committed to a smooth transition that will be seamless from a customer perspective."
With a purchase price of up to $120 per residential customer equivalent and minimal incremental operating cost, the company is confident the acquisition will be accretive to earnings and gross margin in 2014.
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