Greenergy Fuels Canada Inc. has agreed to purchase 100% of the shares of Canadian Operators Petroleum (CAN-OP), a fuel marketer and terminal operator in Thunder Bay, Ontario. The acquisition gives Greenergy an additional import and distribution location in the growing Ontario fuels market.
CAN-OP’s operations include a gasoline and distillate wholesale business and a wholly-owned petroleum storage and supply facility, Wascan Terminals Inc. Its terminal infrastructure is rail-fed, allowing for efficient integration into existing Greenergy supply chains.
Greenergy plans to upgrade and expand the CAN-OP terminal in the next 18 months. This investment will make fuel supply more reliable and competitive in Thunder Bay and the surrounding region.
“We are excited about the purchase of CAN-OP,” noted Mike Healey, Director, Greenergy Fuels Canada Inc. “Our new presence in Northern Ontario continues our Canadian expansion and establishes Greenergy in a region poised for economic growth and at the center of a key petroleum supply/trading intersection between Western Canada, the U.S. Midwest and Southern Ontario.”
CAN-OP’s employees and management team will remain in place, led by industry veteran Bob MacMinn who will take on additional responsibilities within Greenergy.
We share Greenergy’s vision on fuel marketing,” said Bob MacMinn, General Manager, CAN-OP. “Our focus is on local initiatives with a commitment to lower customer costs through scale, logistics and innovation.”
“The expertise and financial strength that Greenergy delivers will assist us greatly in the execution of our local business plan and we are excited to join the Greenergy team as it continues its fast-paced Canadian growth”, added MacMinn.
Greenergy expects to close the purchase by the end October 2017.