Dive Brief:
- Fuel and convenience retailer Irving Oil is undergoing a strategic review to evaluate a number of paths forward for future of the company, according to a Thursday announcement.
- Among the potential outcomes at the end of the review are a full or partial sale of the company or a change in its portfolio or management structure, according to the announcement.
- A sale of Irving Oil’s assets — which includes over 1,000 gas stations, c-stores and truck stops in the northeastern U.S. and eastern Canada — would continue what has so far been an explosive year for mergers and acquisitions in the convenience and fueling industries.
Dive Insight:
M&A has been a hot topic among not only c-store retailers this year, but oil companies as well.
BP acquired TravelCenters of America’s assets for $1.3 billion back in February, while Delek US Holdings has teased a sale of its c-store assets since March. ExxonMobil held preliminary talks in April about acquiring the fracking giant, and a Citgo sale may be coming in the next year as well.
Irving Oil has plenty of assets at stake. The company owns two refineries in Canada — one of which, the Saint John refinery, is the largest in Canada and produces about 320,000 barrels per day — in addition to its retail and fueling assets in the U.S. and Canada. Locations offer a mix of amenities, including dog parks, Big Stop restaurants, EV charging and more.
The company also owns a network of distribution terminals across eastern Canada, New England and in Ireland, operating under the Top Oil brand.
“As we evaluate our options in the coming months, our focus remains on our team and continuing to safely deliver quality products and reliable energy for our customers and communities,” the company said in its announcement.
The statement was signed by Chairman Arthur Irving, President Ian Whitcomb and Executive Vice President and Chief Brand Officer Sarah Irving.
