Mergers & Acquisitions

Global Fuels to Acquire 241 Gas Stations

Company buying Greenergy’s Canadian retail fuel business
Photograph courtesy of Greenergy

Global Fuels Inc. has acquired Greenergy International Ltd.’s Canadian retail fuel business, consisting of 241 retail gas and convenience stores from Nova Scotia to British Columbia. The sites are predominantly Mobil-branded and located adjacent to Loblaw grocery stores in many larger communities across the country.

“Following three years of significant growth and development, Greenergy is divesting its Canadian retail business to focus development on its renewable project pipeline,” Christian Flach, CEO of London-based Greenergy, said. The company’s Canadian headquarters is in Saint John, New Brunswick.

“This acquisition is a perfect fit for us,” said Dave Armstrong, CEO of Global Fuels. “It is consistent with our strategy to develop the leading gas station network in Canada while deepening our relationship with Imperial as a strategic branded wholesaler of the Esso, Mobil and Esso Cardlock business. We look forward to collaborating with Loblaw and the PC Optimum loyalty team to continue to serve our customers and deliver the most compelling value proposition in the industry.”

“We’re excited to have the Greenergy retail team join the Global Fuels family. They bring a wealth of knowledge and operating experience, which we see as complimentary to our predominantly dealer business,” said Andrew Armstrong, vice president of Global Fuels.

Ontario-based Global Fuels operates a national network of Esso, Mobil and Esso Cardlock branded fuel locations. “With a core focus on enabling dealers and operators to succeed in their markets, and as an exemplary brand ambassador for Imperial evidenced by our execution standards, site-level support and network growth, Global Fuels is the fastest growing and one of the largest gas station networks in the country.”

Greenergy’s business was founded to supply diesel with lower emissions than standard diesel, according to its website. As a major European manufacturer of waste-based biodiesel, renewables are integral to the company’s core strategy, it said. The company’s global supply chains give it flexibility to source the lowest-cost feedstocks and products, ensuring reliable supply to its customers and extensive retail network across Canada and Ireland, it said.

The companies expect the deal, subject to regulatory clearance and certain customary closing conditions, to close later this year. They did not disclose the terms or price tag of the transaction.

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