The company’s network in the state includes 100 locations, nine fleet facilities and four bulk storage plants and warehouses.
© Parkland
Parkland Corporation announced that it is beginning a divestment process of its retail and commercial businesses in Florida.
In line with its strategy set out in November 2023, the company expects to double cash flow per share to $8.50 and increase adjusted EBITDA to $2.5 billion by 2028 through continued organic growth. This would enable it to reduce costs and optimise its supply advantage.
“This divestiture reflects our commitment to direct capital toward our highest profitability opportunities and maximize shareholder value. We remain deeply committed to our northern U.S. business, which is performing well and has strong connectivity to Canada,” said Bob Espey, Parkland’s President and CEO.
The company is continually reviewing all parts of its portfolio. While its Florida turnaround plan is on track, it has further investment opportunities in other parts of its business that can offer greater financial returns and growth.
Parkland remains focused on improving profitability and increasing cash flow through disciplined capital allocation. By divesting non-core assets, the company continues to focus on areas with the greatest growth potential and synergies with its core business.
Its Florida business comprises approximately 100 retail locations, nine fleet facilities and four bulk storage facilities and warehouses. The company expects to complete this sale in the next 12 to 18 months.
The announced sale of Parkland’s Florida business is part of the company’s previously announced non-core asset divestment program, which it now expects to significantly exceed $500 million by the end of 2025.
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