Move establishes a new growth platform in the Pacific Northwest
Calgary-based Parkland Corporation has announced it has agreed to acquire Conrad & Bischoff Inc. and its related companies (C&B). Through this acquisition, Parkland will establish a fourth U.S. Regional Operating Center (“ROC”) in Idaho Falls, ID.
C&B is a well-established retail, commercial, wholesale and lubricants business with annual fuel and petroleum product volume of approximately 700 million litres. Family owned and operated since 1959, C&B’s operations are concentrated in the fast-growing markets of Idaho and western Wyoming with additional distribution capability into Utah, Nevada, Montana and other states.
“This acquisition checks all the boxes of our US growth strategy and complements our existing ROCs,” said Doug Haugh, president of Parkland USA. “C&B strengthens our supply advantage, brings a high-quality retail network and offers a long runway for organic growth.”
The transaction includes 58 retail locations, comprising 19 high-quality company-owned sites featuring proprietary branded backcourts and 39 retail dealer sites. Also, terminal operations with combined tank storage of 30 million litres and capacity for 88 rail cars will add significant supply optionality in PADD IV [Petroleum Administration for Defense Districts with IV indicating Rocky Mountain area].
“In addition to adding an exceptional team, C&B creates a springboard for growth throughout the Pacific Northwest,” added Haugh. “We continue to profitably grow our U.S. business and will remain disciplined in our appraisal of the many opportunities we see in front of us.”
Parkland reports that the acquisition will be funded out of existing credit facility capacity and is subject to customary closing conditions and is expected to close in the second quarter of 2021.