BRAMPTON, Ont. – The corporate owner of the Real Canadian Superstore is getting out of the gasoline business.
Loblaw Companies Limited on Wednesday announced it had reached an agreement to divest its gasoline station operations to Brookfield Business Partners, which plans to rebrand the stations under the Mobil name.
The $540-million deal includes 213 stations and associated convenience kiosks. The deal is expected to close in the third quarter of 2017.
The sale would affect a single Thunder Bay outlet, located on Memorial Avenue adjacent to the Real Canadian Superstore.
According to a release issued by Loblaw, Brookfield has entered into an agreement with Imperial Oil to introduce the Mobil brand to Canada.
Company president Sarah Davis said the newly named stations will continue to offer the PC Plus loyalty program.
"They are committed to preserving and growing the elements of the business that matter most to our customers – high quality fuel service and convenience along with PC Plus loyalty benefits. This is a positive outcome for our customers, our gas station operators, and our company."
Brookfield CEO Cyrus Maddon said the move is a chance to grow his company on a significant scale.
"This transaction aligns with our strategy of owning and adding value to high quality businesses with solid long-term fundamentals in sectors we know well. We look forward to working with Loblaw to enhance and grow the current network of gas stations."
