Federated Co-operatives Limited (FCL) has acquired 181 Husky retail fuel sites for $264 million. The acquisition marks the largest in the Co-op's history.
Federated Co-op is acquiring the retail fuel sites from wholly-owned subsidiaries of Cenovas Energy Inc.
"This historic deal for our organization clearly aligns with our vision of building sustainable communities together and reaffirms our commitment to Western Canada, to our member-owned Co-ops and to their local members and customers," says FCL CEO Scott Banda. "By increasing our retail footprint, we further strengthen our position to meet the needs of our local Co-ops and their communities into the future."
The acquired retail fuel sites include a mix of gas bars, on-site car washes and convenience stores. Once the deal is complete, FCL will transfer the sites to several independent local Co-ops across Western Canada. These new locations will strengthen our presence in Western Canada and will bring our unmatched service and support to new geographic areas.
"This deal strikes a positive balance between the current and future needs of our Western Canadian customers," adds Banda. "We are committed to enhancing the sustainability of our fuels and recognize the important role co-operatives play in responding to the needs of our communities, members and customers. Co-op is an integral part of so many neighbourhoods and communities. We're looking forward to extending our reach, and continuing to fuel Western Canada, through this deal."