May 21st, 2024

Parkland says lots of buyer interest in its fuel, convenience store locations

By The Canadian Press on May 2, 2024.

Fuel retailer Parkland Corp. says the 157 Canadian fuel and convenience store locations it has put up for sale are generating a great deal of interest from prospective buyers. A person prepares to fill up at a gas station in Mississauga, Ont., Tuesday, Feb. 13, 2024. THE CANADIAN PRESS/Christopher Katsarov

CALGARY – Fuel retailer Parkland Corp. says the 157 Canadian fuel and convenience store locations it has put up for sale are generating a great deal of interest from prospective buyers.

The Calgary-based company is aiming to divest the stores as part of its efforts to optimize its network.

The locations for sale include ones operated under the Chevron, Ultramar, Pioneer and FasGas brands as well as the On the Run convenience store banner.

Most are in Quebec and Ontario, with the balance in Alberta, British Columbia, Manitoba and Saskatchewan.

Parkland chief financial officer Marcel Teunissen says the company has seen interest from individual buyers looking to own one site, as well as potential purchasers of multiple sites.

The sale of the gas station locations is part of Parkland’s broader goal to divest $500 million in non-core assets by the end of 2025.

This report by The Canadian Press was first published May 2, 2024.

Companies in this story: (TSX:PKI)

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