- Parkland (PKI) has strengthened its Quebec retail network with the acquisition of Pétroles Crevier, a subsidiary of Crevier Group
- Crevier’s operations extend across Quebec, serving customers through 36 company-owned retail locations and 138 retail dealer locations
- The company expects Crevier to add 700 million litres of annual fuel and petroleum product volume and C$12 million in annual run-rate adjusted EBITDA
- Parkland is an independent supplier and marketer of fuel and petroleum products, as well as a leading convenience store operator
- Parkland (PKI) closed down 0.42 per cent trading at $39.94 per share
Parkland (PKI) has strengthened its Quebec retail network with the acquisition of Pétroles Crevier, a subsidiary of Crevier Group.
Crevier’s operations extend across Quebec, serving customers through 36 company-owned retail locations and 138 retail dealer locations.
Parkland expects the acquisition to add 700 million litres of annual fuel and petroleum product volume – of which 70 per cent is attributable to wholesale – and C$12 million in annual run-rate adjusted EBITDA.
In addition, the company believes Crevier’s large wholesale business and significant unbranded volume will enhance its supply advantage and import optionality.
Parkland will fund 75 per cent of the transaction through an existing credit facility and 25 per cent with common shares issued from treasury.
The transaction is expected to close in Q1 2022.
This is Parkland’s eighth acquisition year-to-date, each of which furthers its ambition to achieve $2 billion in run-rate adjusted EBITDA by the end of 2025.
Donna Sanker, President of Parkland Canada, commented,
“This acquisition extends our existing retail network in Quebec and expands our presence in key markets. We believe we can add significant value by deploying our proven retail capabilities, proprietary Marche Express (ON the RUN) convenience and Ultramar forecourt brands, and JOURNIE Rewards loyalty program. We look forward to continuing to provide Crevier’s customers with essential products and exceptional service.”
Parkland is an independent supplier and marketer of fuel and petroleum products, as well as a leading convenience store operator.
Parkland (PKI) closed down 0.42 per cent trading at $39.94 per share.