Parkland to grow U.S. retail business through acquisition of Urbieta Oil Co. assets in Florida
Torys acted as counsel to Parkland with a team that included Stefan Stauder, Michael Portner-Gartke, Alix Williams, Victoria Lechner-Sung, Nenad Dumanovic and Andrea Das-Wieczorek (corporate/M&A), Alex Tanenbaum and James Gandia (real estate), Michelle Lu and Chris Saki (tax), Ellie Kang (employee benefits) and Christopher Caparelli (HSR).
On November 3, 2021, Parkland Corporation ("Parkland") announced that through its wholly owned U.S. subsidiaries (collectively, "Parkland USA"), it entered into an agreement to acquire substantially all of the assets of Urbieta Oil Co. and certain of its affiliates (collectively, "Urbieta"), consisting of 94 retail locations which includes the real estate purchase of 54 strategic sites.
The acquisition complements Parkland's existing Florida commercial business by establishing a large retail and convenience growth platform with high quality real estate in Miami.
Further information can be found on Canada Newswire’s website.
Urbieta is a leading wholesale and retail distributor of petroleum and alternative fuel products in South Florida.
Parkland is a leading convenience store operator and independent supplier and marketer of fuel and petroleum products. It services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale.