Global Fuels to acquire Greenergy's Canadian Retail Fuel Business

BURLINGTON, ON, July 7, 2023 /CNW/ - Global Fuels is pleased to announce the acquisition of Greenergy's Canadian retail fuel business consisting of 241 retail gas and convenience locations from Nova Scotia to British Columbia. The acquired network is one of the largest in Canada. The sites are predominantly Mobil-branded and located adjacent to Loblaw grocery stores in many of the larger communities across the country.

"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 as a strategic Branded Wholesaler of the Esso, Mobil, and Esso Cardlock business. We look forward to collaborating with Loblaw and the PC Optimum loyalty team to continue to serve our customers and deliver the most compelling value proposition in the industry."

"We're excited to have the Greenergy retail team join the Global Fuels family. They bring a wealth of knowledge and operating experience, which we see as complimentary to our predominantly dealer business", said Andrew Armstrong, Vice President of Global Fuels.

Christian Flach, CEO of Greenergy commenting on the sale said "Following three years of significant growth and development, Greenergy is divesting its Canadian retail business to focus development on its renewable project pipeline."

Global Fuels operates a national network of Esso, Mobil, and Esso Cardlock branded fuel locations. With a core focus on enabling dealers and operators to succeed in their markets, and as an exemplary brand ambassador for Imperial evidenced by our execution standards, site-level support, and network growth, Global Fuels is the fastest growing and one of the largest gas station networks in the country.

Subject to regulatory clearance and certain customary closing conditions, this deal is expected to be completed later this year.

Scotiabank acted as exclusive financial advisor to Global Fuels on this transaction.

Global Fuels Inc.
4903 Thomas Alton Blvd., Suite 211, Burlington, Ontario L7M 0W8
[email protected]

SOURCE Global Fuels Inc.