Parkland puts 157 convenience store and fuel station locations up for sale
, The Canadian Press
Fuel retailer Parkland Corp. has engaged two real estate firms to help it sell 157 of its gas and convenience store locations across six provinces.
The Calgary-based company said Tuesday it is partnering with NRC Realty & Capital Advisors LLC and Colliers Canada to find buyers for the locations, which include ones operated 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 U.S. 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.
In addition, Parkland saw the resignation of two board members who represented its largest shareholder, Simpson Oil at the end of last year.
Simpson has said it will evaluate its options to protect its shareholder rights once restrictions under an agreement that limits its ability to nominate and vote for board members at Parkland expire on March 31.
Parkland's annual general meeting is set to take place in Calgary on Thursday.
This report by The Canadian Press was first published March 26, 2024.
DavidsTea signs deal to bring products to 1,500 Circle K, Couche-Tard stores
The Canadian Press
DavidsTea Inc. says it has signed a deal to sell its beverages in 1,500 Circle K and Couche-Tard stores.
The Montreal-based tea purveyor says the deal with convenience store owner Alimentation Couche-Tard is structured as an exclusive supplier agreement.
Circle K and Couche-Tard stores covered by the agreement will sell tea sachets in eight DavidsTea flavours, including Cream of Earl Grey, Silk Dragon, Jasmine, David's Breakfast Blend and Cold 911.
Seven locations will also be outfitted with full tea bars that will offer a wider variety of hot and iced teas.
The bulk of the Circle K and Couche-Tard locations involved in the deal began offering DavidsTea products today, but those in Ontario won't see the partnership hit their stores until mid-April.
The partnership comes as Alimentation Couche-Tard is focusing more heavily on beverages. Fast-food franchisor Second Cup announced on LinkedIn last month that it was piloting its first Second Cup in a Couche-Tard location in Laval, Que.
This report by The Canadian Press was first published March 25, 2024.
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