Global Fuels to acquire Greenergy's Canadian retail business
Ontario-based Global Fuels Inc. has signed a deal to acquire all of U.K.-based Greenergy's Canadian retail fuel business.
The acquired network includes of 241 retail gas and convenience locations from Nova Scotia to B.C. The sites are predominantly Mobil-branded and located adjacent to Loblaw grocery stores in larger communities across the country.
"This acquisition is a perfect fit for us," said Dave Armstrong, CEO of Global Fuels. "It is consistent with our strategy to develop the leading gas station network in Canada while deepening our relationship with Imperial as a strategic branded wholesaler of the Esso, Mobil, and Esso Cardlock business. We look forward to collaborating with Loblaw and the PC Optimum loyalty team to continue to serve our customers and deliver the most compelling value proposition in the industry."
Based in Burlington, Ont., Global Fuels operates a national network of Esso, Mobil, and Esso Cardlock branded fuel locations. The company says it focuses on "enabling dealers and operators to succeed in their markets, and as an exemplary brand ambassador for Imperial evidenced by our execution standards, site-level support, and network growth, Global Fuels is the fastest growing and one of the largest gas station networks in the country."
Greenergy, which launched in Canada in 2013, also oversees the Breakaway, Mr. Gas, Inver and Waypoint convenience store brand.
In a statement from Greenergy, CEO Christian Flach said: “Following three years of significant growth and development, Greenergy is divesting its Canadian retail business to focus development on its renewable project pipeline. I would like to thank our retail team for their continued dedication and commitment to Greenergy over the last three years.”
Andrew Armstrong, vice-president of Global Fuels spoke of the Greenergy team here in Canada, saying: "We're excited to have the Greenergy retail team join the Global Fuels family. They bring a wealth of knowledge and operating experience, which we see as complimentary to our predominantly dealer business."
The companies have not disclosed the dollar value of the deal, which is still subject to regulatory clearance and certain customary closing conditions. It approved, it is expected to be completed later this year.
