Parkland to acquire assets of Story and Carter in US

4 December 2020 (Last Updated December 4th, 2020 15:21)

Convenient stores operator Parkland has agreed to acquire the assets of Story Distributing Company and Carter Oil Company and their affiliates in the US.

Convenient stores operator Parkland has agreed to acquire the assets of Story Distributing Company and Carter Oil Company and their affiliates in the US.

The company entered the transaction through its wholly owned US subsidiaries Parkland USA.

With these deals, Parkland will acquire 13 company retail sites and around 40 retail dealers. It also includes capabilities related to commercial fuel and lubricant distribution.

Headquartered in Bozeman, Montana, Story offers retail and commercial fuel business and it will expand its presence in the high-growth Montana and Idaho markets.

Based in Flagstaff, Arizona, Carter will complement Parkland’s operation in Utah and Arizona and expands footprints in the high-growth Northern Arizona region.

The addition of these two businesses is expected to increase annual fuel and petroleum product volume by approximately 275 million litres.

Parkland USA president Doug Haugh said: “We continue to build momentum in the U.S. and advance our growth strategy.

“These acquisitions expand our presence in high-growth regions and provide additional opportunities to leverage our On the Run convenience store brand and increase our supply and distribution capabilities.

“We see an attractive pipeline of opportunities and are well-positioned for further growth.”

The acquisition of Carter should conclude in the fourth quarter of 2020, while Story deal should close in early 2021.

Completion of both the deals are subject to customary closing conditions and will be confirmed as part of the company’s regular quarterly disclosure.

The acquisitions will be funded with cash on hand and existing credit facility capacity.