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Industry NewsParkland seeks acquisitions of small U.S. food chains

Parkland seeks acquisitions of small U.S. food chains

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Parkland Corp., the convenience retail and fuel marketing business that recently purchased Canadian food supplier M&M Food Market for $322 million, is looking for food brands to offer its own burgers, chicken, tacos and baked goods at its stores, CEO Bob Espey said in an interview, as reported by Bloomberg News.

Eventually, the report added, many of PKI’s retail sites may not even sell fuel.

“We are looking for smaller chains, smaller businesses that we can take.We continue to see good value in the marketplace, particularly in the U.S., where the market is so very fragmented, to buy local independents and bolt them onto our platform and generate good returns for shareholders.”

Bloomberg noted Parkland is pushing into the food business as the phaseout of gasoline-burning vehicles in the coming decades could kill many small neighbourhood gas stations. The transition, Espey said, would open up opportunities for larger retail centers on major highways where drivers can grab a bite while waiting for vehicles to charge.

“As gasoline demand starts to tail off, we can supplement that,” Espey said. “We already have proven sites with proven traffic patterns, so a lot of it is just redeveloping and adding to our existing sites.”

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