CALGARY, Alberta — Parkland Corp., through its wholly owned U.S. subsidiary Parkland USA, has completed the acquisition of Conrad & Bischoff Inc. (C&B). The purchase adds 17 company-owned and two leased c-stores in three states under the KJ’s Super Stores brand and 39 dealer sites, for a total of 98 company-owned stores under a large portfolio of brands, as well as 396 dealer sites.
C&B is a retail, commercial, wholesale and lubricants business, and the acquisition establishes Parkland’s fourth U.S. regional operating center (ROC) in Idaho Falls, Idaho. Family owned and operated since 1959, C&B’s operations are concentrated in the markets of Idaho and western Wyoming with additional distribution capability into Utah, Nevada, Montana and other states.
In other company news, Parkland recently announced net earnings of $53 million for the fourth quarter ended Dec. 31, 2020, compared to earnings of $176 million in the previous year's quarter. It also announced a dividend of $0.1029 per share, and said that shareholders who want to enroll in the enhanced dividend reinvestment plan (DRIP) must do so prior to the April 21.
The funds will allow Parkland to retain amounts that would otherwise be paid to shareholders as dividends in cash and to raise equity capital that Parkland may use to fund its capital program, fund acquisitions, build new locations and upgrade existing locations, which help Parkland execute on its growth strategy, the company said.
Charleston, S.C.-based Parkland USA has operations in 13 mostly Western states. In late 2020, Parkland acquired the license for the exclusive use of the On the Run brand in most of the United States.
Calgary, Alberta-based Parkland Corp. is the largest independent fuels retailer and second largest c-store operator in Canada with 650 retail outlets and more than 1,830 dealer sites.