Parkland Fuel Corp.'s U.S.-based subsidiaries, collectively known as Parkland USA, agreed to acquire all issued and outstanding equity interests of Tropic Oil Company Inc. for an undisclosed amount, according to a Sept. 5 news release from Parkland.
Headquartered in Miami, Tropic Oil transports, distributes and markets a range of fuels and lubricants across central and south Florida. The firm also supplies and operates nine cardlock facilities as well as four bulk storage plants and warehouses, the release said.
Parkland said the acquisition added a third regional operating center in the U.S. and expanded its presence into the southeastern states.
The transaction will be funded using Parkland's cash flow and existing credit facility capacity. It is expected to close Oct. 1, subject to customary closing conditions.
