CALGARY — Fuel retailer Parkland Corp. has put 157 of its gas and convenience store locations across six provinces up for sale.
The Calgary-based company said Tuesday it is partnering with NRC Realty & Capital Advisors LLC and Colliers Canada to find buyers.
The assets up for sale include locations under the Chevron, Ultramar, Pioneer and FasGas brands as well as the On the Run convenience store banner.
The bulk of the stations are in Quebec and Ontario, with the balance in Alberta, British Columbia, Manitoba and Saskatchewan.
In an emailed statement, Francis Lapointe, Parkland’s vice-president of Canadian retail operations, said the decision to sell the stations is part of the company’s ongoing network planning and optimization process.
“As we continue to grow, we have identified sites that no longer fit our long-term strategic objectives in their current format,” Lapointe said.
“While high-quality, these locations would be better suited under someone else’s ownership.”
Parkland said the retail and fuel locations will be packaged with long-term Parkland fuel supply agreements, which should make them attractive to “experienced, entrepreneurial operators.”
Parkland has 4,000 retail and fuel locations in Canada, the United States and the Caribbean.
The company also owns and operates the Burnaby, B.C. refinery, which provides about a quarter of the gasoline and diesel used in the western province.
The gas and convenience store sale process comes as Parkland faces calls from New York-based activist investor Engine Capital LP for a complete board overhaul at the company.
