Parkland Completes Deal for ConoMart Super Stores
CALGARY, Canada — Parkland Fuel Corp., through its Parkland USA subsidiary, closed on its deal to acquire ConoMart Super Stores.
The fuel marketer entered into an asset agreement to acquire ConoMart's seven retail sites located in and around Billings, Mont. All of the sites feature a Conoco-branded forecourt, as Convenience Store News previously reported.
"This acquisition expands our Montana business and scales our existing Northern Tier Regional Operating Center," Doug Haugh, president of Parkland USA, said at the time the acquisition was announced. "ConoMart Super Stores is a well-run, customer-focused business and we look forward to welcoming the team to Parkland."
Pro forma the acquisition, Parkland expects a modest increase in annual run-rate adjusted EBITDA for its U.S. segment.
The transaction was subject to customary closing conditions.
The ConoMart deal marks the second of 2020 for Parkland. In January, the company entered an agreement to acquire Salt Lake City-based Kellerstrass Oil Co. The transaction included 17-car rail spur and storage assets, commercial card locks and an 84-location dealer business.
Canada-based Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator servicing customers across Canada, the United States, the Caribbean region and the Americas through three channels: retail, commercial and wholesale.