DENVER -- With more convenience-store acquisitions to come, private-equity group Western Alta Holdings Co. recently acquired the retail division and operating company of Pester Marketing from World Fuel Services.
The transaction occurred May 1, 2016.
Western Alta Holdings L.C. is a newly formed private-equity group located in San Antonio, led by General Partner Phil Zaccaria.
“Even though we are newly formed for this acquisition, we have been invested in the c-store industry since 2003 and have additional assets in Colorado, Kansas, Oklahoma and Texas,” Zaccaria told CSP Daily News. “Currently, the combined assets account for more than 100 million gallons per year.”
Miami-based World Fuel Services acquired Pester in October 2015. In recent years, it 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.
The Pester sale came about, Zaccaria said, because World Fuel Services “wanted to divest themselves of the retail side of their last transaction.”
As reported in a McLane/CSP Daily News Flash, the new company will continue to operate as Pester Marketing Co. with the convenience stores operating under the Alta Convenience store brand.
Zaccaria will hold the position of CEO, and Rich Spresser will continue as president.
The new Alta Western Holdings LC store division comprises 57 Alta Convenience locations across four states: Colorado, Kansas, Nebraska and New Mexico.
Pester is looking for expansion opportunities in the c-store arena, the executives said. Their intent is to expand the company “aggressively” with strategic acquisitions that will tuck into its retail platform.
“We are currently working on deals involving a combined total of 24 more c-stores,” Zaccaria said. “This will bring us to 81 stores.”
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. It sells fuel and delivers services to its clients at more than 8,000 locations in more than 200 countries and territories worldwide.
Denver-based Pester is a privately held corporation in business for more than 60 years, formerly led by c-store industry pioneer Jack Pester.