Parkland Corporation plans to sell 100 Florida retail outlets to focus on higher-priority investments.

Calgary-based Parkland announced that the company has begun the process of selling all of its retail and commercial businesses in the state.

“This disposition reflects our commitment to direct capital towards our highest return opportunities and maximize shareholder value,” said Bob Espey, Parkland’s president and CEO, in a news release. “We remain deeply committed to our northern U.S. business, which is performing well and has strong connectivity with Canada.”

Parkland Florida portfolio also contains nine cardlock facilities and four bulk-storage plants and warehouses. The company said potential buyers are showing substantial interest in the assets.

Parkland expects to complete the divestment in 12 to 18 months. The sales effort is part of Parkland’s previously announced non-core asset divestment program, which the company now expects will exceed $500 million by year-end 2025.

Earlier this year, Parkland began to market 157 convenience stores and gas stations located in Quebec, Ontario, B.C., Alberta, Saskatchewan and Manitoba.

Meanwhile, Parkland said the company expects the previously announced sale of its Canadian propane business to generate cash proceeds of $115 million and an exclusive long-term supply contract with the new owner.

The deal is expected to close in the fourth quarter of 2024.

Parkland is an international fuel distributor, marketer, and convenience-store operator. The company operates in 26 countries across the Americas.

Photo: Parkland Corporation