Parkland Corporation announced that it is initiating a process to divest its Florida-based retail and commercial businesses. Parkland’s Florida business contains approximately 100 retail locations, nine cardlock facilities, and four bulk storage plants and warehouses.

The company noted that it continuously reviews all parts of its portfolio, and that while the Florida improvement plan is on track, the company stated that it has more accretive investment opportunities in other parts of its business that can deliver stronger financial returns and growth.

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

The announced sale of Parkland’s Florida business is part of the company’s previously announced non-core asset divestment program, which the company now expects will significantly exceed $500 million by the end of 2025.

In a statement, Parkland noted that early indications show substantial interest in its Florida assets, and the company expects to close the disposition within the next 12 to 18 months.

Parkland also expects to close its previously announced sale of its Canadian propane business in the fourth quarter of 2024.