Parkland snaps up Rosedale Esso
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Updated: February 11, 2010 12:15 PM
Parkland Income Fund has boosted its network of service stations within the city.
The Red Deer-based operator of fuel and convenience stores (TSX: PKI.UN) acquired Rosedale Esso last month, confirmed Parkland president and CEO Mike Chorlton.
He said the location — just south of Hwy 11 at 5 Reichley St. — was appealing because it’s near a growth area of the city.
“We think long term it’s an outstanding location for us.”
The station will retain its Esso branding, becoming one of nearly 20 Esso outlets that are owned or leased by Parkland.
The company supplies fuel to about 250 more Esso stations under a distribution agreement with Imperial Oil.
Chorlton said it’s not uncommon for Parkland to buy existing stations as part of its growth strategy.
“We’ll build a few a year and we’ll acquire a few a year.”
The company’s stations — which numbered 612 at the end of the last quarter — also operate under the Fas Gas Plus, Fas Gas, Race Trac Fuels and Short Stop Food Stores brands.
In the case of Scotty’s, which was privately owned, some changes are likely to occur, said Chorlton.
“We’re going to strive to serve our customers the very best we can.”
Late last month, Parkland also completed a deal to acquire Bluewave Energy Limited Partnership, a Nova Scotia company that was Shell Canada’s largest branded distributor.
That acquisition made Parkland the largest independent petroleum distributor in Canada.
In addition to its retail and wholesale fuels and convenience store businesses, Parkland transports fuel and other products, and supplies propane, bulk fuel, heating oil, lubricants, industrial fluids, agricultural inputs and associated services to commercial and industrial customers. It also operates the Bowden refinery as a storage and contract processing site.
