Parkland Fuel Corporation (“Parkland”) (TSX:PKI), Canada’s largest and one of North America’s fastest growing independent marketers of fuel and petroleum products, announced today the closing of its acquisition of Chevron Canada R & M ULC which operates a downstream fuel business in British Columbia and Alberta.
“This acquisition provides Parkland with British Columbia’s strongest fuel marketing business and will make Parkland the exclusive distributor of Chevron-branded fuels. With this acquisition, Parkland is also acquiring the Burnaby Refinery, a proven asset that directly supports our core fuel marketing business in an important region, and enhances our supply advantage,” said Bob Espey, President and Chief Executive Officer of Parkland. “We are extremely pleased to welcome the Chevron Canada refining and marketing employees to the Parkland team. We believe in and are committed to investing in these assets, and the local employees who will help us grow in BC and beyond.”
Parkland closed the transaction on October 1, 2017 at 00:59am (Calgary time).
Parkland will update its 2017 Adjusted EBITDA guidance concurrently with the release of its Q3 2017 financial results.
SUMMARY OF ACQUIRED BUSINESS
The Acquisition includes:
Source: Parkland Fuel Corporation
Date: Oct 1, 2017