Harnois Énergies (HÉ) and Michaud Petroleum have concluded an agreement that will lead to the creation of a new corporate entity, according to a news release.
This entity will pursue the development of their shared market in New Brunswick and elsewhere.
The new company, which is not named in the release, will form an entity of approximately 100 employees and will primarily operate in the distribution of fuel, lubricants and specialty products. It will also be responsible for managing operations at three service stations and six oil depots.
“This deal will strengthen the position shared by Michaud Petroleum and HÉ in New Brunswick’s energy distribution sector,” the release states. “The joint venture will provide customers with many advantages, including expanded territory, increased efficiency, and a more comprehensive product and service offering thanks to the range of products distributed by both companies.”
“For our organization, this strategic alignment was as natural as could be. It will enable us to do many things, such as diversify our geographic markets and increase our presence in New Brunswick. With complementary markets, comparable clienteles and our two experienced teams, we are convinced that customers will continue to be well served,” Serge Harnois, CEO of Harnois Énergies, said in the release.
Hermel Michaud, CEO of Michaud Petroleum: ” This partnership brings the potential for growth and success. The combination of two strong companies will position us both strategically for continued success.
The transaction requires prior approval from the Competition Bureau of Canada and was submitted on May 10. The case review process can take several weeks. Until then, the two companies will continue operating separately.
Harnois Énergies distributes petroleum products, propane, lubricants and specialty products across Canada, and looks to the future with its network of electric charging stations and a gas station that offers hydrogen. Michaud Petroleum offers a range of lubricants and traditional fuels, while also focusing on new technologies and innovations.
