Matrix Capital Markets announced the successful closing on the sale of 100% of the equity securities of Pester Marketing and its wholly owned subsidiaries, Alta Fuels and Alta Transportation to World Fuel Services.

Matrix said it provided merger and acquisition advisory services to Pester, which included valuation advisory, marketing of the company through a customized, confidential, structured sale process and negotiation of the transaction.

Denver, CO-based Pester is an operator of 57 retail 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. The company’s convenience stores are located in Colorado, Kansas, Nebraska, and New Mexico.

The transaction was co-managed by Spencer Cavalier, managing director and Thomas Kelso, managing director and head of the Downstream Energy & Retail team. Tod Butler, vice president; Sean Dooley, senior associate; and Christian Klawunder, senior analyst also advised on the transaction.

Pester commented, “Pester Marketing Company 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.”

Cavalier commented, “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. 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.” Mr. Kelso added, “It is an incredible honor to represent Mr. Pester as he exits the industry he has done so much to shape. We wish him well in his future endeavors.”

Christopher Sackett, Jonathan Napier, and John Hunter, of BrownWinick served as legal counsel for Pester.