Alta Fuels and Alta Transportation are included in the sale.
World Fuel Services Inc. has acquired 100% of the equity securities of Pester Marketing Co. and its wholly-owned subsidiaries, Alta Fuels LLC and Alta Transportation LLC.
Pester, headquartered in Denver, is an operator of 57 retail convenience stores and two terminals, and a distributor of biofuels and lubricants to wholesale, commercial and agricultural customers.
The Company also transports motor fuels to certain Pester retail stores and to the wholesale, commercial and agricultural customers it supplies. The Company’s convenience stores are located in Colorado, Kansas, Nebraska and New Mexico.
Founded in Iowa in 1955, Pester has been built by respected energy industry leader, Jack Pester, chairman, whose energy career has spanned more than 50 years. Pester’s diverse industry background throughout multiple segments of the energy stream, with a primary focus on downstream and midstream operations, provided him the experience to develop Pester into one of the largest and uniquely integrated privately-held convenience retailers and petroleum marketing companies in the U.S. Pester is complemented by other deeply experienced senior executives including: Richard Spresser, president and CEO; Terry Lacy, EVP/CFO; Aaron Hackerott, EVP of Sales and Supply; and Jim Sammons, president of Alta Fuels.
Matrix Capital Markets Group provided merger and acquisition advisory services to Pester, which included valuation advisory, marketing of the Company through a customized, confidential, structured sale process and negotiation of the transaction. The transaction was co-managed by Spencer Cavalier, managing director and Thomas Kelso, managing director and Head of the Downstream Energy & Retail Team. Tod Butler, vice president; Sean Dooley, senior associate; and Christian Klawunder, senior analyst also advised on the transaction.
“Pester Marketing Co. has been built by many great employees, who have been committed to its long-term success and culture,” said Pester. “Through its prior acquisitions, World Fuel Services has demonstrated its commitment to retaining employees and the cultures that built those successful companies.”
“We are extremely happy for Jack and his fellow shareholders, and we are honored to have advised them for many years on financial transactions, capital raising and valuation,” said Cavalier. “With the acquisition by extremely well-managed and industry leading World Fuel Services Inc., Pester should continue its strong growth in the Rocky Mountain region.”
Kelso added, “It is an incredible honor to represent Mr. Pester as he exits the industry he has done so much to shape. We wish him well in his future endeavors.”
Christopher Sackett, Jonathan Napier, and John Hunter, of BrownWinick served as legal counsel for Pester.
