Canadian Parkland Corp. to Sell 157 Convenience Stores

Canadian-based Parkland Corp. is set to sell 157 convenience stores with fuel operations located in six Canadian provinces. This strategic decision comes as part of Parkland's plan to divest non-core assets to optimize business operations and reduce debt.

Sealed Bid Sale of Stores Across Multiple Provinces

The convenience stores, spread across Alberta, British Columbia, Manitoba, Ontario, Quebec, and Saskatchewan, will be included in a sealed bid sale. NRC Realty and Capital Advisors will oversee the transaction process.

Investor Pressure and Company Strategy

Engine Capital, an activist investor holding approximately 2.5% of Parkland shares, had been advocating for changes within Parkland's board of directors. The investor group pushed for the monetization of C$500 million in non-core assets by 2025.

In response to market pressures and the need for strategic alignment, Parkland executives are focusing on optimizing operations through asset sales while also enhancing their retail offerings. The company views retail operations as a significant growth platform and is actively expanding its food service offerings within its On the Run stores.

Parkland's Retail Footprint and Expansion Plans

With a total of 2,345 retail sites in Canada, including company-owned stores, dealer sites, and M&M Food Market locations, Parkland aims to leverage its diverse retail portfolio for sustained growth and market leadership.

As the company continues to evolve its digital platform and enhance its customer experience, these divestments signal a deliberate effort to refine its business focus and ensure long-term success in the competitive retail landscape.