World Fuel Services Completes CarterEnergy Acquisition
Increases ground-based fuel volume to 3.5 billion gallons
MIAMI -- World Fuel Services Corp. has announced that its wholly owned subsidiary, World Fuel Services Inc., has completed the previously announced acquisition of select assets of CarterEnergy Corp., including the assets comprising CarterEnergy's wholesale motor fuel distribution business.
(See Related Content below for previous CSP Daily News coverage.)
CarterEnergy, based in Overland Park, Kansas, with 2011 volume in excess of 500 million gallons, is a branded distributor for Philips 66, BP, Valero, Suncor, Shell, ExxonMobil, Cenex and Sinclair.
It distributes gasoline and diesel fuel under long-term contracts to more than 700 retail operators and is a supplier to industrial, commercial and government customers in Kansas, Missouri, Colorado, Texas, Oklahoma, Arkansas, Nebraska, Illinois, Iowa, Wyoming, Arizona, Tennessee, New Mexico and Alabama.
"We are pleased to have the CarterEnergy team as a part of World Fuel and to increase our growing global land volume to more than 3.5 billion gallons," said Michael J. Kasbar, president and CEO of World Fuel Services Corp.
The transaction is expected to be four to seven cents accretive to earnings on a GAAP basis in the first 12 months. Non-GAAP accretion, which excludes amortization of acquired intangible assets of approximately $0.02 per share, is expected to be six to nine cents in the first 12 months.
Based in Miami, World Fuel Services is a leading global fuel logistics company, principally engaged in the marketing, sale and distribution of aviation, marine and land fuel products and related services on a worldwide basis. It sells fuel and delivers services to its clients at 6,000 locations in more than 200 countries and territories worldwide.
The company's global team provides expertise in all aspects of aviation, marine and land fuel management. Aviation customers include commercial airlines, cargo carriers, private aircraft and fixed-base operators (FBOs), as well as the United States and foreign governments. World Fuel Services' marine customers include international container and tanker fleets, cruise lines and time-charter operators, as well as the United States and foreign governments. Land customers include petroleum distributors, retail petroleum operators and industrial, commercial and government accounts.