CALGARY, Alberta -- Canada's Parkland Fuel Corp. continues to extend its reach into the United States with the pending acquisition of Missouri Valley Petroleum Inc. (MVP), a petroleum products distributor and convenience-store retailer with operations in North Dakota.
MVP is a retail, wholesale and lubricants business with headquarters in Mandan, N.D. It owns and operates six retail sites with c-stores in Mandan, Rugby and Bismarck, N.D., and operates three bulk plant terminals with cardlocks in Williston, Belfield and Mandan, N.D. MVP also supplies 19 branded dealers in North Dakota and distributes approximately 84 million gallons of fuel and petroleum products annually.
"The MVP Acquisition is a tuck-in acquisition for Parkland USA that brings a great asset base and team, which will accelerate the growth of our North Dakota business," said Bob Espey, president and CEO of Calgary, Alberta-based Parkland Fuel.
"The MVP acquisition represents an opportunity for Parkland USA to grow within our existing footprint in North Dakota and expand our offering into the commercial fuel market,” said Doug Haugh, president of Parkland USA, Atlanta. “These business lines provide us with a strong organic growth opportunity that we do not address today through our existing retail and wholesale fuel operations in North Dakota.”
The companies said they expect the acquisition, which includes all of the issued and outstanding equity interests of MVP, to close on or about Oct. 1, subject to customary closing conditions. Parkland Fuel expects to fund the transaction with cash flows and capacity under its existing credit facility, the company said.
Earlier this month, Parkland Fuel entered into an agreement to acquire all of the equity interests of Rhinehart Oil Co. Inc., a retail, commercial and lubricants business with operations in Utah, Colorado, Wyoming and New Mexico. American Fork, Utah-based Rhinehart transports, distributes and markets fuels, lubricants and chemical products in addition to providing equipment and shop servicing. It operates and supplies nine Harts Gas & Food c-stores and four cardlock facilities, and it markets and distributes fuels, lubricants and specialties through 10 distribution facilities.
Parkland Fuel is an independent supplier and marketer of fuel and petroleum products. It owns, operates or supplies stations under the Chevron, Esso, On the Run, Marche Express, Fas Gas Plus, Pioneer, RaceTrac and Ultramar brands in Canada. It acquired most of the Canadian business and assets of CST Brands Inc. from Laval, Quebec-based Alimentation Couche-Tard Inc. in June 2017. In the United States, Parkland owns Superpumper Inc., a regional c-store chain based in Minot, N.D. In 1996, Superpumper merged with Farstad Oil Inc. to form SPF Energy Inc. Superpumper has 25 stores in North Dakota, Minnesota, Montana and Wyoming. With the Hart stores, Parkland USA will operate a total of 40 stores (Superpumper, MVP and Harts) in the United States. In 2016, Parkland Fuel acquired three gas stations and c-stores in Wyoming from 7-Eleven Inc., Irving, Texas.