Dive Brief:
- Global Fuels, a Canadian fuel distribution company that also serves independent convenience stores, has agreed to acquire Greenergy’s 241-location retail gas and c-store network in Canada, according to a Friday press release.
- The acquired locations, which are primarily Mobil-branded and include stores from Nova Scotia to British Columbia, represent one of the largest retail fuel networks in Canada, according to the release. Many of the locations are next to Loblaw grocery stores.
- This tie-up expands Global Fuels’ footprint as one of the largest Mobil gas provider in Canada.
Dive Insight:
Burlington, Ontario-based Global Fuels currently operates a network of more than 200 Mobil-branded and more than 500 Esso-branded fueling stations throughout Canada. It also supplies Esso Cardlock locations and offers its Global Fuels regional brand for locations that cannot use either Mobil or Esso fuel. Some of its locations are located alongside Circle K convenience stores, according to its website.
"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 [Oil] as a strategic Branded Wholesaler of the Esso, Mobil, and Esso Cardlock business."
Global Fuels’ locations accept the Speedpass+ and PC Optimum loyalty programs. Speedpass+ allows customers to pay for gas through the app, and if that account is linked to a PC Optimum account, they can also earn points to redeem at participating stores or on gas discounts, as well as at car washes at Esso and Mobil stations.
The acquisition is expected to close later in 2023, once the transaction is approved by regulators and meets closing conditions, according to the release.
London-based Greenway offers renewable energy, fuel distribution and retail solutions in Canada and the U.K.
"Following three years of significant growth and development, Greenergy is divesting its Canadian retail business to focus development on its renewable project pipeline," said Christian Flach, CEO of Greenergy.
Scotiabank advised Global Fuels on the acquisition.
