Parkland grows with two international transactions in the Caribbean
The two acquisitions will see Parkland creating the Dominican Republic’s largest retail network, and becoming the leading fuel marketer in the Dutch side of St. Maarten.
Parkland Corporation announced, through its 75% ownership in Sol Investments, two transactions in the company’s international business segment which will provide additional scale in the Caribbean. The transactions strengthen Parkland’s network and portfolio opportunities in retail, commercial, LPG and aviation, says President of Parkland International, Pierre Magnan.
In the Dominican Republic, Sol will become a 50 percent indirect partner in Isla Dominicana de Petroleo Corp., which currently operates a retail network with approximately 160 locations. Through the contribution of Parkland’s approximately 80 retail locations, the combined portfolio will comprise 240 retail locations - creating the Dominican Republic’s largest retail network. As part of the agreement, Isla will operate the joint onshore marketing operations while Parkland will become the principal fuel supplier to the combined network.
In St. Maarten, Parkland have signed an agreement for the purchase of an integrated fuel marketing business. The acquisition includes retail, commercial, marine, LPG distribution and an aviation business. The acquisition strengthens the company’s activities at the Princess Juliana International Airport and adds a complementary retail network. As a result of the acquisition, Parkland will become the leading fuel marketer in the Dutch side of St. Maarten.
The transactions will be funded out of existing credit facility capacity. Subject to customary closing conditions, the transactions are expected to close in the third quarter of 2021.
Contenido relacionado
