Matrix Capital Markets Group, an independent investment bank, advised Pester Marketing Company d/b/a Alta Convenience on its sale to a joint venture entity between Fortress Investment Group and a subsidiary of Phillips 66 Company.
Alta Convenience is a petroleum marketing and convenience retailer in the Rocky Mountain, Southwest and Midwest regions of the United States. The ownership group originally acquired Pester’s 47 company-operated stores in May 2016 as a spin-off from World Fuel Services after World Fuel Services’ purchase of Pester in September 2015. World Fuel Services retained the non-company-operated store business units. In January 2018, under the guidance of Richard Spresser, president and CEO of Pester, the acquisitions of Western Convenience and Kwik Stop were consummated and increased the company’s store count to more than 100.
Post-closing of the current sale, senior executive management, including Spresser and Monte McGilvray, CFO of Pester, will continue to lead the company.
Matrix provided merger and acquisition advisory services to Pester, which included valuation advisory, marketing through the sale process and the negotiation of the purchase agreement. The transaction was managed by Spencer Cavalier, co-head of Matrix’s downstream energy and convenience retail group; Sean Dooley, a director for Matrix; and Martin McElroy, an associate for Matrix.
“Working with the team at Matrix on the sale process and with Rich Spresser over the past several years has been a very positive experience,” Sam Youngblood, general partner and board chairman of Alta Brands, said. “While it was time for the current shareholders to monetize their investment, we look forward to seeing Pester grow with Rich’s further stewardship under the new ownership of Fortress and Phillips 66. I am excited to see the businesses continue with such well-respected organizations.”
“We sincerely appreciate the guidance and attention to detail that Matrix provided throughout a very complicated transaction,” Spresser said. “The sale process was extremely well executed, and we were very pleased with the outcome.”
“It is very special to have advised Pester on the sale of the company for a second time,” Cavalier said. “The current ownership group and management team, which was led by CEO Rich Spresser during both transactions, have grown and significantly improved the chain. We look forward to watching the company continue to grow under its new ownership.”
Christopher Sackett and Jonathan Napier of BrownWinick served as legal counsel for Pester.