OVERLAND PARK, Kansas -- The sale of CarterEnergy Corp. to World Fuel Services Corp., announced Monday, comes as CarterEnergy CEO and owner Bryan Beaver has announced his retirement after almost 29 years with the company.
"I leave CarterEnergy proud of the fact that we are a world-class company with people who truly care about one another," he announced to an auditorium of associates in a special assembly last Friday afternoon. "I feel confident that I have fulfilled my own personal legacy during my time here--that I have carried Sam Carter's name forward with dignity, and that I will leave CarterEnergy in a very strong position for the next generation."
As reported in a Raymond James/CSP Daily News Flash, CarterEnergy officially announced that it will become a division of World Fuel Services Inc., a wholly owned subsidiary of World Fuel Services Corp. Miami-based 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. World Fuel Services sells fuel and delivers services to its clients at 6,000 locations in more than 200 countries and territories worldwide.
Based in Overland Park, Kansas, and with 2011 volume in excess of 500 million gallons, CarterEnergy 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.
The company will retain its name, brand presence, management team, sales teams and all associates, it said.
"We look forward to welcoming the CarterEnergy team to World Fuel," said Michael J. Kasbar, president and CEO of World Fuel Services Corp. "CarterEnergy will further expand our presence in the branded wholesale market and increase our global land volume to more than 3.5 billion gallons."
Kerry Oliver, president of CarterEnergy, said, "We are extremely pleased to be joining a company with the reputation and capabilities of World Fuel. This transaction will allow us to utilize our market knowledge and further grow the business."
This new partnership offers CarterEnergy:
- An even larger competitive supply network, including Bulk Supply and Alternative Fuels, resulting in greater buying power to better serve their customers.
- Opportunity for growth of its transportation services in other areas.
- Research and analysis of non-petroleum-based transportation fuels to meet the changing needs of its customers.
- Partnerships to fulfill national bids.
- Global presence, with expertise in aviation, marine and land fuels.
- Sister companies in additional U.S. markets, providing local knowledge and industry expertise.
- Expanded service expertise with regard to credit solutions, logistics, risk management, technical quality control, operational support and more.
- A corporate culture and founding principles that are very similar to their own.
World Fuel Services has been acquiring wholesale motor fuel distribution business over the last few years, including Western Petroleum, Lakeside Oil, TGS Petroleum and Texor Acquisitions.
(See Related Content below for previous CSP Daily News coverage.)
The company's global team of market makers 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 U.S. 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.
World Fuel Services' is a publicly traded company, reporting 2011 total revenues of $34.6 billion. The company is also ranked 85th on this year's Fortune 500, an annual ranking of America's largest corporations.
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