Parkland Makes Another Acquisition as Part of New U.S. Growth Strategy
CALGARY, Canada — Parkland Corp. is expanding its footprint across the United States with the acquisition of Sevier Valley Oil Co. Inc.
As part of the deal, Parkland USA, a wholly owned subsidiary of Parkland Corp., will acquire all of Richfield, Utah-based Sevier Valley's assets, including seven convenience stores and 20-plus retail dealers, in addition to robust diesel and lubricant distribution capabilities.
Sevier Valley's primary operations are in southwestern Utah, as well as a presence in northern Utah and Colorado.
"We continue to expand our U.S. footprint and execute on our growth strategy," said Doug Haugh, president of Parkland USA. "This acquisition meaningfully expands our retail presence in rapidly growing southern Utah and presents a fantastic opportunity to leverage our North American On the Run convenience store brand, enhance our customer proposition and drive incremental value.
"The acquisition strongly complements our existing Rockies Regional Operating Center and positions us for further organic and acquisition growth in neighboring Nevada and Arizona," added Haugh. "We are delighted to welcome Garrett Ekker and the Sevier Valley Oil team to Parkland and look forward to the continued growth of our USA business."
Parkland will fund the transaction via existing credit facility capacity. The deal is subject to customary closing conditions and is expected to close in the fourth quarter of 2020.
The company recently acquired the license for exclusive use of the On the Run trademark in the majority of U.S. states. With the license, Parkland plans to expand the On the Run brand across the country to create a unified North American convenience store brand, as Convenience Store News previously reported.
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.