Parkland Corp. to sell Florida assets in divestiture plan

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On the Run location in Florida. Photo: Parkland Corporation

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Canadian fuel retailer Parkland Corp. has announced plans to sell its Florida-based operations. This move is part of the company’s strategy to divest non-core assets and improve shareholder returns.

The Calgary-headquartered firm reported significant interest in its Florida assets on Tuesday. These include about 100 retail locations, nine cardlock facilities, and four bulk storage plants and warehouses across the state.

Parkland says it expects to complete the sale within the next 12 to 18 months. This divestiture aligns with the company’s ongoing efforts to streamline its portfolio and focus on high-growth areas.

The fuel retailer operates approximately 4,000 fuel and convenience retail stores across Canada, the United States, and the Caribbean. It also runs an oil refinery in Burnaby, British Columbia.

In Canada, Parkland has already listed 157 gas and convenience stores for sale. The company says it anticipates closing the previously announced sale of its Canadian propane business in the fourth quarter of this year.

To date, Parkland’s divestiture program has generated about $200 million in proceeds. With the addition of the Florida business, the company now projects its divestiture program to exceed $500 million by the end of 2025.

“Parkland continuously reviews all parts of its portfolio,” the company stated in a news release. “By divesting non-core assets, the company continues to focus on areas with the highest growth potential and strongest synergies with its core business.”

The move comes amid calls for more action to improve Parkland’s performance. U.S.-based activist investor Engine Capital LP and Parkland’s largest shareholder, Simpson Oil Ltd., have urged the company to conduct a review of strategic alternatives, including a potential sale.

However, Parkland maintains that such a review is unnecessary and does not align with the best interests of the majority of its shareholders. The company faces additional challenges, including a lawsuit filed by Simpson Oil in August.

The Cayman Islands-based Simpson Oil, which owns about 20% of Parkland’s shares, seeks to overturn voting restrictions that are part of a 2019 board governance agreement between the two companies.

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