Parkland Fuel Corporation to Acquire KB Oil
KB Oil to drive organic growth in fuels and lubricants across Utah and Nevada regions
Parkland Fuel Corporation (“Parkland”) announced today it has entered into an agreement through its U.S. based subsidiaries (collectively, “Parkland USA”) to acquire Ken Bettridge Distributing Inc. (“KB Oil”), a bulk fuel and lubricants distributor and operator of fleet fueling, convenience stores and cardlock services in Southwest Utah and Southeast Nevada.
With nine convenience stores and a modern fleet of trucks, KB Oil has approximately 160 employees and will incorporate into Parkland’s Rockies Regional Operating Center (ROC) headquartered in American Fork, Utah, with Rhinehart Oil serving as the operating entity.
“KB Oil has long been a respected and admired provider of bulk fuels and lubricants in the region and is an expert in the trucking industry. Parkland will be able to leverage its resources to better serve customers throughout Utah and Nevada,” said John Jardine, Vice President of Parkland USA and General Manager of the Rockies ROC. “The acquisition of KB Oil follows on our US growth strategy by establishing scale through the addition of strong local operators.”
“We’ve been a family owned business for more than 40 years, and the professional business model and culture of Parkland appealed to us as we looked to sell,” said Stacey Bettridge, Co-President of KB Oil.
“Our customers will benefit from the increased resources Parkland can provide, and this in turn will contribute to Parkland’s continued organic growth efforts,” added Rand Bettridge, Co-President of KB Oil.
Under the terms of the agreement, Parkland has agreed to acquire substantially all of the assets, including real estate, used in the operation of KB Oil’s business. The transaction is expected to close in the second quarter. KB Oil will operate under Parkland USA, a division of Parkland comprising several of Parkland’s wholly owned subsidiaries.
About Parkland USA
Parkland USA is a division of Parkland, comprising several of Parkland wholly owned subsidiaries specializing in the retail, commercial and supply fuel operations. Parkland USA operates 45 convenience stores, 220 dealers and 300 trucks, with 1000 employees in 11 states. At the core of its strategy are its people, as well as its values of safety, integrity, community and respect. Parkland is an independent supplier and marketer of fuel and petroleum products and a leading convenience store operator. Parkland services customers across Canada, the United States, the Caribbean region and the Americas through three channels: Retail, Commercial and Wholesale. Parkland optimizes its fuel supply across these three channels by operating and leveraging a growing portfolio of supply relationships and storage infrastructure. Parkland provides trusted and locally relevant fuel brands and convenience store offerings in the communities it serves. More information can be found at www.parkland.ca.