Parkland Fuel Corporation, a North American distributor and marketer of fuels and lubricants, announced Wednesday it has entered into agreements to acquire five retail sites in North Dakota through its subsidiary SPF Energy, Inc. The North Dakota Acquisition is complementary to Parkland's existing operations and extends Parkland's retail footprint into the Bismarck and Dickinson areas. The North Dakota Acquisition is expected to add approximately 24.6 million litres (6.5 million gallons) of volume on an annual basis and represents an acquisition of multiple of approximately five times annualized EBITDA.
"We are pleased with the performance of SPF Energy, in the first year. This acquisition continues our growth in North Dakota, complements our growth strategy, and leverages our platform in the United States. We welcome these new additions to the Parkland family," said Bob Espey, President and Chief Executive Officer of Parkland.
Parkland also provided an update on its acquisition of the assets Pioneer Energy. As part of its Annual Information Form filed on SEDAR on March 26, Parkland disclosed that Parkland and Pioneer Energy continue to diligently pursue obtaining the requisite consents and approvals to close the Pioneer Acquisition, most of which have been obtained or are expected to be received during the second quarter of 2015.