Parkland USA Enters Wyoming With Three-Site Deal
CHEYENNE, Wy. — Parkland Fuel Corp. has signed agreements to purchase three gas stations from 7-Eleven Inc. The sites include two trucks and one retail station in and around Cheyenne, in the southeast part of the state.
Collectively, the gas stations are expected to sell more than 15 million gallons of fuel on an annual basis.
"This acquisition will expand the Parkland USA presence in Wyoming by adding our first truck stops and retail stations in that state," said Parkland President and CEO Bob Espey. "We are excited to service customers at these sites under the SPF banner."
In a separate transaction, Parkland has agreed to acquire the assets of PNE Corp., a national provider of propane cylinder exchange services for $17 million. This will expand its commercial and retail businesses across Canada and in Wyoming.
Parkland Fuel is Canada's largest and one of North America's fastest growing independent marketers of fuel and petroleum products.
The PNE acquisition will add approximately 17 million liters of propone on an annual basis and expand the scope of Parkland's propane business to include a national 20-pound cylinder exchange offering in addition to a 33- and 100-pound cylinder offering in Ontario.
"This acquisition introduces a new business line within the propane space for Parkland," Espey said. "It will allow us to grow our commercial capabilities by introducing and leveraging PNE's expertise in cylinder refilling, and distribution from British Columbia through to Québec. We look forward to continuing to provide strong customer service nationwide under the PNE banner and welcome PNE team members to Parkland."
Both agreements are subject to standard closing conditions and are expected to close by the end of the year.
Parkland delivers gasoline, diesel, propane, lubricants, heating oil and other high-quality petroleum products to motorists, businesses, households and wholesale customers in Canada and the United States.