Parkland USA to acquire Story, Carter Oil retail and distribution assets
The acquisitions include over 50 retail sites and commercial fuel and lubricant distribution deals, expanding Parkland’s presence in Idaho, Montana, and Northern Arizona.
Parkland Corporation, through its wholly owned U.S. subsidiaries Parkland USA, has entered into a series of transactions to acquire the retail and commercial fuel assets of Story Distributing Company, and Carter Oil Company. The acquisitions will expand Parkland’s presence in the high-growth Idaho, Montana, and Northern Arizona markets.
On a combined basis, the acquisitions of Story and Carter include 13 company retail sites with significant non-fuel contribution, approximately 40 retail dealers as well as commercial fuel and lubricant distribution capabilities. The acquisitions are expected to add annual fuel and petroleum product volume of approximately 275 million litres to Parkland USA, according to a company’s press release.
“We continue to build momentum in the U.S. and advance our growth strategy,” President of Parkland USA, said Doug Haugh. “These acquisitions expand our presence in high-growth regions and provide additional opportunities to leverage our On the Run convenience store brand and increase our supply and distribution capabilities,” Haugh added.
Story is a retail and commercial fuel business headquartered in Bozeman, Montana. This acquisition adds scale and density to Parkland’s existing Northern Tier Regional Operating Center (ROC), and expands the company’s presence in the high-growth Montana and Idaho markets.
Carter is a wholesale and commercial fuel distributor based in Flagstaff, Arizona. This acquisition complements Parkland’s existing Utah and Arizona operations within its Rockies ROC, and expands the company’s presence in the high-growth Northern Arizona region.
The acquisitions will be funded with cash on hand and existing credit facility capacity. The transactions are subject to customary closing conditions, with Carter expected to close in the fourth quarter of 2020 and Story in early 2021.
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