Parkland completes $113 million cash and stock acquisition of SPF Energy

RED DEER, Alta. – Parkland Fuel Corp. (TSX:PKI) has completed its $113-million acquisition of all outstanding shares of North Dakota’s SPF Energy Inc., the Alberta-based petroleum product marketing company said Wednesday.

Parkland says the effective date of the acquisition of the bulk fuels distributor, first announced in November, was Jan. 1.

The purchase price consisted of $91 million in cash and 1.2 million common shares of Parkland at about $18.48 per share.

“We are pleased to welcome the SPF Energy Team to Parkland,” said president and CEO Bob Espey said in a statement.

“Our strategy is to grow in areas with strong future prospects where we can add value through our robust supply capability. SPF Energy provides a strong platform for further growth in the northwestern United States.

Parkland supplies businesses, wholesale customers and consumers with gasoline, diesel, propane, lubricants, heating oil and other products through a network of locations across North America run by community based operators.