SOL employees safe for now
GREAT BAY — Although seventy five percent of SOL Limited has been sold to the Parkland Fuel Corporation which is said to be North America’s fastest growing independent marketers of fuel and petroleum products, it will not affect the employees in the region. SOL regional manager David Antrobus stated that “although Parkland Fuel Corporation is a Canadian company, the SOL group of companies will continue to be managed from the Caribbean with its head office in Grand Cayman,” said Antrobus.
He explained that what has been sold to Parkland Corporation is the entities and as a result the employees will remain in the entities until the closing of the deal. The closing is expected to be completed by the end of 2018 but could not say what will happen after the closing of the deal.
Antrobus mentioned that the region can expect the same high quality of service and products that they have had over the years. The vision of the business combination is to further enhance SOL business and customer relationships with the maintaining of the SOL brand.
Meanwhile, the remaining 25% of shares for SOL are subjected to the minority purchase/sale right where either company can acquire to sell. SOL supplies some 23 countries in the region with some 4.8 billion liters of fuel annually which generates US$215 million in adjusted earnings before taxes, depreciation and amortization.
“The addition of SOL to Parkland will extend our global supply reach and enable us to continue to build our supply advantage to benefit our entire business. With its integrated supply chain backed by an extensive distribution network, fortress assets, and a premier brand portfolio and an exceptional team, SOL has built a strong market position with unparalleled regional scale.”
“Together Parkland and SOL creates a significant North American and Caribbean growth platform. We are delighted to partner with the Simpson Group and welcome the opportunity to work with SOL strong management team to optimize and grow SOL industry leading retail and supply network through our combined scale and expertise,” said Parkland President and Chief Executive Officer Bob Espey.
Sir Kyffin Simpson founder of SOL in response: “I am exceptionally pleased to announce the coming together of Parkland and SOL which will ensure an exciting and dynamic future for everyone. With a desire to continue to develop and grow the business through expansion in new areas. I am extremely blessed to bring in our good friends Parkland of Canada to the Caribbean. I have long admired Parkland as a company with their futuristic vision and energy. I have been tremendously impressed with Bob Espey strong leadership along with his exceptional management team.”
He is confident that the joining of Parkland team together with the fantastic team of SOL will be a complimentary blend of cultures, ideas, technology and innovation. He believes that Parkland and SOL are perfectly matched to develop new and exciting opportunities with renewed energies that will provide excellent avenues for the further development of the people that will in turn enhance the customer experience and open new doors for great synergies and improved logistics.
“With forty three million people and a GDP of more than US$ 200 billion, this is the perfect time to take advantage of the tremendous opportunities that abound in the Caribbean,” Simpson said.
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File photo: SOL Regional Manager David Antrobus addressing a gathering at a SOL event.
