Crevier Group, a family-owned company and distributor of energy and lubricants, announced Tuesday the signing of an agreement to sell its fuel division, Petroles Crevier, to Parkland Corporation.
Parkland, a Canadian company, is a fuel marketer and convenience store operator with operations across Canada, the United States, the Caribbean and Central and South America.
This decision was made to provide better opportunities for the future and development of Petroles Crevier, and to allow Crevier Group to continue to grow.
The agreement covers the network which includes 174 service stations (138 retailer-owners and 36 corporate stations) as well as the wholesale activities to commercial, industrial and reseller customers.
Once the transaction is completed, the third-generation owners of Crevier Group will be able to focus on its rapidly expanding subsidiary companies, Catalys Lubricants and Crevier Lubrifiants, across Canada.
The sale is expected to close in the first quarter of 2022 and is subject to approval under the Canadian Competition Act.