Parkland Fuel Corporation, a North American distributor and marketer of fuels and lubricants, has announced it will acquire two retail sites in North Dakota. The North Dakota acquisitions are complementary to Parkland's existing operations and extend Parkland's retail footprint into the New Town and Wahpeton areas. The North Dakota acquisitions are anticipated to add approximately 26 million litres (seven million US gallons) of volume on an annual basis, based on historical sales data, and they represent an acquisition multiple of approximately four times trailing 12 month adjusted EBITDA.
Commenting on the announcement, Bob Espey, President and CEO of Parkland Fuel Corp., said: "Despite the economic slowdown in North Dakota, we remain committed to our growth strategy in the northern United States. These acquisitions are expected to add a large amount of fuel volume at an attractive price, and demonstrate our commitment to growing our business in the United States in areas contiguous to and overlapping with our existing operations. We look forward to welcoming these new team members to Parkland.”
Edited from press release by Angharad Lock
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