Parkland Corporation, a company based in Calgary, has announced that it will be selling all of its retail and commercial businesses located in Florida. This includes approximately 100 retail locations, nine card lock facilities, and four bulk storage plants and warehouses. The sale is expected to be completed within the next 12 to 18 months as part of Parkland’s previously announced non-core asset divestment program. This program aims to sell off assets that are not essential to the company’s operations and is projected to generate over $500 million by the end of 2025.
According to Bob Espey, President and CEO of Parkland Corporation: “This decision reflects our commitment towards investing capital into our most profitable opportunities in order maximize value for our shareholders.” He also stated that while they are selling their Florida business, they remain dedicated towards their northern US business which has been performing well with strong connections back home in Canada.
This announcement aligns with Parkland’s long-term strategy laid out back in November 2023. The company plans on doubling its cash flow per share by reaching $8.50 while growing Adjusted EBITDA (Earnings Before Interest Taxes Depreciation Amortization) up to $2.5 billion by the year 2028.
