RED DEER, AB, June 24, 2011 /CNW/ - Parkland Fuel Corporation
("Parkland" or the "Corporation") (TSX: PKI), Canada's largest
independent fuel distributor and marketer, today announced that it has
finalized the all-cash acquisition of the business of Cango Inc.
("Cango"), a major independent retail fuel marketer in Ontario. Cango
supplies more than 400 million litres of petroleum products to a
network of 155 retail sites including 126 dealers.
"The Cango transaction increases our network in Ontario by 155 sites,
further strengthening our Ontario presence and positioning us for
further growth in this important market," said Bob Espey, President and
Chief Executive Officer of Parkland. "Cango is expected to increase
Parkland's annual fuel sales to over four billion litres annually and
strengthens our supply position in Ontario."
As previously announced on May 12, 2011, the acquisition of the business
of Cango Inc. and the purchase of seven Save on Foods retail fuel
outlets from the Overwaitea Food Group, together representing
annualized fuel volumes of 425 million litres, cost approximately $22
million in aggregate. Due to a confidentiality agreement with one of
the parties that is still in effect, Parkland is unable to disclose the
individual costs for these transactions.
About Parkland Fuel Corporation
Parkland Fuel Corporation is Canada's largest independent marketer and
distributor of petroleum products, managing a nationwide network of
fuel sales channels. We are Canada's local fuel company, delivering
gasoline, diesel fuel, lubricants, heating oil and other products to
businesses, consumers and wholesale customers by community based
operators who care.
SOURCE Parkland Fuel Corporation
For further information:
For investor and media inquiries please contact Tom McMillan, Investor Relations Manager at email@example.com or 1-800-662-7177 ext 6722.