Through its U.S.-based subsidiaries, Parkland Fuel Corporation in Calgary has entered into an agreement to acquire all of the issued and outstanding equity interests of Tropic Oil Company, Inc., as well as equity interests and the assets of certain of its affiliates.
Tropic Oil is headquartered in Miami, Florida, and transports, distributes and markets a full range of fuels and lubricants across the central and south Florida region. It supplies and operates nine cardlock facilities and four bulk storage plants and warehouses.
“The Tropic Oil acquisition continues on our U.S. growth strategy by adding quality regional operators in regions where we can bring a distinct supply advantage,” Bob Espey, president and CEO of Parkland, said in a release. “This initial toehold in Florida also complements our Caribbean business by providing significant supply and distribution synergy potential. We welcome Steve Gorey from Tropic Oil’s leadership team and the rest of their employees into Parkland.”
“Through Tropic Oil, Parkland is adding its third Regional Operating Center (ROC) and expanding its presence into the southeastern states for the first time,” said Doug Haugh, president of Parkland USA. “This new Southeast ROC will be the operating platform that drives organic growth and enables further acquisitions across the region, while leveraging our business with Sol.”
The transaction is expected to close on Oct. 1, 2019.