Parkland Acquires Tropic Oil Company
Calgary-based fuel and lubricant business firm Parkland Fuel Corp. announced that it is acquiring all of the issued and outstanding equity interests of U.S.-based Tropic Oil Co. Inc., as well as equity interests and the assets of certain of its affiliates.
Parkland said the acquisition will be funded out of cash flow from operations and existing credit facility capacity.
Parkland is one of North America and the Caribbean’s fastest growing independent suppliers and marketers of fuel and petroleum products.
Tropic Oil, headquartered in Miami, transports, distributes and markets a full range of fuels, lubricants, and equipment to the marine, automotive, trucking and aviation industries.
"The Tropic Oil acquisition continues on our US growth strategy by adding quality regional operators in regions where we can bring a distinct supply advantage,” said Bob Espey, President and CEO of Parkland.
“This initial toehold in Florida also complements our Caribbean business by providing significant supply and distribution synergy potential. We welcome Steve Gorey from Tropic Oil’s leadership team and the rest of their employees into Parkland,” he added.
“Through Tropic Oil, Parkland is adding its third Regional Operating Center (ROC) and expanding its presence into the southeastern states for the first time. Tropic Oil is Florida’s preferred supplier of marine diesel and lubricants, and is highly regarded for its ability to provide consistent, reliable service throughout the central and south Florida markets,” said Doug Haugh, President of Parkland USA.