Parkland Fuel Corp. (TSX: PKI) reported on Wednesday that it has completed its purchase of SPF Energy Inc.
Red Deer-based Parkland announced on Nov. 8 that it was acquiring all of the outstanding shares of SPF Energy, the parent company of Farstad Oil Inc. and Superpumper Inc. It paid C$113 million for the shares, consisting of approximately $91 million cash and the issuance of 1.2 million common shares of Parkland.
The effective date of the acquisition was Jan. 1.
“We are pleased to welcome the SPF Energy Team to Parkland,” said Bob Espey, president and CEO of Parkland. “Our strategy is to grow in areas with strong future prospects where we can add value through our robust supply capability. SPF Energy provides a strong platform for further growth in the Northwestern United States.”