FCL purchase of Husky retail fuel sites approved
August 25, 2022
Saskatoon - Federated Co-operatives Limited (FCL) is pleased to have received a “no action letter” from the Canadian Competition Bureau to proceed with the acquisition of 171 retail fuel sites from Cenovus Energy Inc.
The Canadian Competition Bureau approved the acquisition this week. As was stated when the deal was first announced in November 2021, the purchase is the largest retail acquisition in FCL history. FCL will take ownership of the Husky gas bar sites on Sept. 13. The majority of the acquired sites will immediately be sold to local Co-ops across Western Canada. Over the next 18 months the sites will be transitioned to the Co-op brand or one of Co-op's independent brands supplied by Co-op.
- More Information: Co-op Investing in Western Canada with retail fuel acquisition
“This acquisition signals FCL’s commitment to the sustainability of our business and to serving and supporting the long-term needs of local Co-ops,” said FCL CEO Heather Ryan. “This acquisition will help grow the Co-op brand in local communities across Western Canada and will bring the quality products and service Co-ops are known for to new markets.”
Investing in Co-op’s retail fuel network allows FCL to optimize production at its largest manufacturing asset, the Co-op Refinery Complex. The purchase also strikes an important balance for Co-op, as they look to meet the current needs of customers while preparing to shift to the low carbon economy.
“FCL has announced significant investments toward our goal of achieving net-zero emissions by 2050,” said Brian Humphreys, FCL’s Vice-President of Energy. “Increasing the utilization of our fuel manufacturing assets puts FCL in a position to move forward with future investments while providing FCL with the opportunity to take a leadership role in the transition to a low-carbon economy.”
- The deal includes a mix of gas bars, on-site car washes and convenience stores
- 23 Co-ops will receive new sites through this deal
For more information:
Manager, Communications and Public Relations
Federated Co-operatives Limited