Parkland Fuel Corporation (Parkland), one of North America's fastest growing distributors and marketers of fuels and lubricants, has announced it has signed an agreement to purchase the propane assets from 101025267 Saskatchewan Ltd. (the propane business), which are currently operated by Girard Bulk Service Ltd. (Girard Bulk Service).
Girard Bulk Service's propane business serves commercial and residential customers in southeastern Saskatchewan. The purchase price was US$4.8 million, representing approximately five times the annual Adjusted EBITDA of the propane business.
"The acquisition allows Parkland to establish a propane offering in southeastern Saskatchewan which complements our existing operations and is a growth area for Parkland's commercial business," said Bob Espey, Parkland's President and CEO. "Parkland shares Girard Bulk Service's commitment to exceptional customer service. We are excited to serve Girard Bulk Service's propane customers under the Bluewave Energy banner and welcome the team members of the Propane Business to Parkland," said Paul Lapensee, Vice President Commercial Operations.
The agreement is subject to standard closing conditions and is anticipated to close in May 2016.
Adapted from press release by Francesca Brindle
Read the article online at: https://www.hydrocarbonengineering.com/refining/21042016/parkland-fuel-corp-acquires-girard-bulk-services-propane-business-3096/