RICHMOND, VA/BALTIMORE, MD – January 15, 2021 –Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Pester Marketing Company (“Pester” or the “Company”) d/b/a Alta Convenience on its sale to a joint venture entity between Fortress Investment Group LLC (“Fortress”) and a subsidiary of Phillips 66 Company (NYSE: PSX).
For nearly 65 years, the Pester name, and more recently Alta Convenience, has been a leader in petroleum marketing and convenience retailing throughout 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 Corporation (NYSE: INT) (“WFS”), after WFS’s purchase of Pester in September 2015. WFS retained the non company-operated store business units. In January 2018, under the guidance of Pester’s President & CEO, Richard Spresser, the acquisitions of Western Convenience and Kwik Stop were consummated and increased the Company’s store count to over 100.
Post-closing, senior executive management, including Richard Spresser and Monte McGilvray, CFO, will continue to lead the Company.
Matrix provided merger and acquisition advisory services to Pester, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the purchase agreement. The transaction was managed by Spencer Cavalier, Co-Head of Matrix’s Downstream Energy & Convenience Retail Group; Sean Dooley, Director; and Martin McElroy, Associate.
Sam Youngblood, General Partner and Board Chairman, commented, “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. 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.”
Mr. Spresser said, “We sincerely appreciate the guidance and attention to detail that Matrix provided throughout a very complicated transaction. The sale process was extremely well executed, and we were very pleased with the outcome.”
Mr. Cavalier added, “It is very special to have advised Pester on the sale of the Company for a second time. 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, P.L.C. served as legal counsel for Pester.