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DENVER — World Fuel Services Inc. on Friday closed on its purchase of 100 percent of the equity securities of Pester Marketing Co. and its wholly owned subsidiaries, Alta Fuels LLC and Alta Transportation LLC. Terms of the transaction were not disclosed.
Denver-based Pester is an operator of 57 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. Its convenience stores are located in Colorado, Kansas, Nebraska and New Mexico, primarily under the Alta Convenience brand name.
The transaction marks the exit of Jack Pester, chairman of Pester, who founded the company in 1955 and built the company into one of the largest integrated privately held c-store retailers and petroleum marketing companies in the United States.
“Pester Marketing Co. has been built by many great employees, who have been committed to its long-term success and culture,” said Jack Pester. “Through its prior acquisitions, World Fuel Services has demonstrated its commitment to retaining employees and the cultures that built those successful companies.”
Matrix Capital Markets Group Inc. provided acquisition and advisory services to Pester.
“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 Spencer Cavalier, managing director with Matrix Capital. “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.”
Richmond, Va.-based Matrix Capital Markets Group Inc. is an independent, advisory-focused, privately held investment bank.