SOURCE: Parkland Fuel Corporation

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March 08, 2016 17:16 ET

Parkland Fuel Corporation Acquires the On the Run / Marche Express Franchise System in Canada and 17 Esso-Branded Retail Sites From Imperial Oil

RED DEER, AB--(Marketwired - March 08, 2016) -  Parkland Fuel Corporation ("Parkland") (TSX: PKI), one of North America's fastest growing distributors and marketers of fuels and lubricants, and Imperial Oil Ltd. ("Imperial") announced today that Parkland has agreed to acquire Imperial's On the Run / Marché Express convenience store franchise system and related trademarks in Canada. Parkland will also acquire the real estate assets at 17 Esso-branded retail sites in Saskatchewan and Manitoba as part of the transaction.

The transaction includes the franchise agreements for approximately 80 On the Run / Marché Express convenience stores currently operated by Esso-branded fuel dealers and distributors. These stores, located across Canada, will continue to be operated by the franchisee dealers and distributors of Esso-branded products. The agreement also transfers the On the Run / Marché Express trademarks to Parkland, providing Parkland with a national convenience store brand to grow and enhance its convenience store offering.

"Parkland continues its strategy of being a disciplined acquirer that focuses on accretive opportunities that drive shareholder value. I am pleased that our team has successfully negotiated this purchase at an attractive valuation," said Bob Espey, Parkland's President and CEO.

"This is a tremendous opportunity for us to grow a leading convenience store brand in Canada," said Peter Kilty, Vice President, Retail. "On the Run / Marché Express has strong brand equity that resonates with customers. The high quality of the On the Run / Marché Express franchisees will enhance Parkland's strong platform for driving organic growth. This strategic acquisition positions Parkland to roll out one of Canada's best known brands across our national convenience store network. The brand will enhance our focus on driving non-fuel sales growth in our existing network as we continue to work towards exceeding our customers' expectations. We welcome and share the franchisees' commitment to excellence."

Parkland is concurrently acquiring the land, buildings and equipment at 17 Esso-branded retail sites across Saskatchewan and Manitoba from Imperial. These retail sites are already operated by Parkland under long-term operating leases with Imperial. Both agreements are subject to standard closing conditions and are anticipated to close by the end of the third quarter in 2016.

About Parkland Fuel Corporation

Parkland Fuel Corporation is one of North America's fastest growing independent marketers of fuel and petroleum products. We deliver 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. Our mission is to be the partner of choice for our customers and suppliers, and we do this by building lasting relationships through outstanding service, reliability, safety and professionalism.

We are unique in our ability to provide customers with dependable access to fuel and petroleum products, utilizing a portfolio of supply relationships, storage infrastructure and third party rail and highway carriers to rapidly respond to supply disruptions in order to protect our customers.

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Contact Information

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    Patricia van de Sande
    Vice President Investor & Government Relations & Compliance
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    Elizabeth Wilcox
    Manager Corporate Communications
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