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Parkland Fuel Corporation Moves Toward National Propane Offering with Purchase of Sparling's Propane

 

Acquisition Highlights:

Grow


* Propane volumes of more than 120 million litres annually;
* Propane market in Ontario growing at more than 5% annually; and
* Customer retention in excess of 99%.

Supply


* Will leverage Elbow River Marketing's propane supply options.

Operate


* Sparling's business platform will be utilized to grow the propane business across
Canada; and
* Adds propane to multi-product offering in Eastern Canada commercial operations
with immediate cross-selling opportunities.

"The acquisition of Sparling's Propane makes Parkland a major competitor in the
Canadian propane market place," said Bob Espey, President and Chief Executive Officer
of Parkland. "Sparling's, along with our western propane operations, will also be
able to leverage new propane supply options that we now have access to through Elbow
River Marketing. Together, we now have the platform for the aggressive development
of propane opportunities across all of our markets."

Sparling's' focus on customer service over more than 60 years has helped them to
become the second largest propane retailer in Ontario. From their six branch locations
in Southern Ontario, Sparling's delivers more than 120 million litres of propane
annually to approximately 25,000 customers.

"Both companies share a commitment to growth through service excellence, and this
creates an opportunity for Parkland and Sparling's to capture a larger share of
the Canadian propane market," said Steven Sparling, President and Chief Executive
Officer of Sparling's Propane. "While the business opportunities ahead of us are
compelling, Sparling's customers can expect the same great level of customer service."

The Acquisition has received all necessary approvals. Parkland's current financial
position is sufficient to fund this transaction. Parkland continues to maintain
a strong balance sheet with considerable financial flexibility.