MIAMI — With the sale of Pester Marketing Co. to World Fuel Services Inc., veteran energy executive Jack Pester is exiting the industry.
As reported in a 21st Century Smoke/CSP Daily News Flash, World Fuel Services has purchased 100% of the equity securities of Pester Marketing Co. and its wholly owned subsidiaries, Alta Fuels LLC and Alta Transportation LLC, for an undisclosed amount.
Denver-based Pester Marketing operates 57 convenience stores in Colorado, Kansas, Nebraska and New Mexico.
It also operates 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.
Jack Pester, chairman of Pester Marketing, founded the company in 1955. He is an energy industry leader with a diverse background in multiple segments of the energy stream, with a primary focus on downstream and midstream operations, which has allowed him to develop Pester Marketing into one of the largest integrated, privately held convenience-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. Through its prior acquisitions, World Fuel Services has demonstrated its commitment to retaining employees and the cultures that built those successful companies,” Jack Pester said.
“It is an incredible honor to represent Mr. Pester as he exits the industry he has done so much to shape,” said Thomas Kelso, managing director and head of the Downstream Energy & Retail Team of Matrix Capital Markets Inc., which provided merger and acquisition advisory services to Pester Marketing. It advised Pester Marketing on evaluation, marketed the company through a customized, confidential, structured sale process and negotiated the transaction.
“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,” added Spencer Cavalier, managing director of Matrix Capital Markets.
In recent years, Miami-based World Fuel Services has made a series of wholesale distribution acquisitions, including Texor Petroleum Co. in 2008, TGS Petroleum Inc. in 2009, Lakeside Oil and Western Petroleum Co. in 2010 and CarterEnergy Corp. in 2012, among other deals.
World Fuel Services is a global fuel logistics, transaction management and payment processing company principally engaged in the distribution of fuel and related products and services in the aviation, marine and land transportation industries. World Fuel Services sells fuel and delivers services to its clients at more than 8,000 locations in more than 200 countries and territories worldwide.