Monday, February 26, 2024
Parkland Corp. Plans Sale of 157 Retail Fuel Sites in Canada – OPIS
Source: MarketWatch
By Donna HarrisCanadian-based Parkland Corp. plans to sell 157 convenience stores with fuel operations in six Canadian provinces, according to NRC Realty and Capital Advisors, which is handling the sale.
The stores, to be offered in a sealed bid sale, are in Alberta, British Columbia, Manitoba, Ontario, Quebec and Saskatchewan, NRC's website says.
In May, Parkland executives said the company planned to divest up to C$500 million in non-core assets within one to two vears to streamline business operations and reduce debt. Analvsts were told in a conference call that the company had identified C$300 million in assets to be sold.
Activist investor Engine Capital, which owns about 2.5% of Parkland shares, had called for changes on Parkland's board of directors and urged the company to monetize C$500 million in non-core assets by 2025.
Earlier this year in an investor presentation. Parkland had called retail operations a "platform for growth. saying it was adding food service to its On the Run stores and enhancing its digital platform.
The presentation said Parkland has a total of 2,345 retail sites in Canada, including 800 company stores. 1,235 dealer sites and 310 M&M Food Market locations.
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