![]() ![]() 19 on CSP’s 2020 Top 202.īased in Houston, Phillips 66 is a diversified energy manufacturing and logistics company with a portfolio of midstream, chemicals, refining and marketing and specialties businesses. United Pacific, now based in Long Beach, Calif., is No. United Oil, renamed United Pacific, in 2015 acquired a portfolio of 251 c-stores from Pacific Convenience & Fuels, Pleasanton, Calif. In 2014, Fortress Investment Group acquired United Oil Co., Gardena, Calif., which operated more than 130 sites in the Los Angeles and San Diego metropolitan areas. Founded in 1998, the New York-based firm manages assets on behalf of approximately 1,800 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies. We look forward to watching the company continue to grow under its new ownership.”įortress Investment Group is a diversified global investment manager with approximately $49.9 billion of assets under management. “The current ownership group and management team, which was led by CEO Rich Spresser during both transactions, have grown and significantly improved the chain. “It is very special to have advised Pester on the sale of the Company for a second time,” said Cavalier. 65 on CSP’s 2020 Top 202 ranking of c-store chains by store count.Īfter closing, senior executive management, including Richard Spresser and CFO Monte McGilvray, will continue to lead the Denver-based company. In January 2018, under the guidance of Pester’s president and CEO, Richard Spresser, the company completed the acquisitions of Western Convenience and Kwik Stop and increased its store count to 119 locations in Colorado, Nebraska, New Mexico, Kansas and Washington. WFS retained the noncompany-operated store business units. after Miami-based World Fuel’s purchase of Pester in September 2015. The ownership group originally acquired Pester’s 47 company-operated stores in May 2016 as a spinoff from World Fuel Services Corp. has acquired Pester Marketing Co., doing business as Alta Convenience.įor nearly 65 years, Pester, and more recently Alta Convenience, has been a petroleum marketer and convenience-store retailer in the Rocky Mountain, Southwest and Midwest regions. 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," said Sam Youngblood, general partner and board chairman.Ĭhristopher Sackett and Jonathan Napier of BrownWinick plc served as legal counsel for Pester.DENVER - A joint venture between Fortress Investment Group LLC and a subsidiary of Phillips 66 Co. "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. Post-closing, senior executive management, including Spresser and Monte McGilvray, chief financial officer, will continue to lead the company. The deals increased the company's store count to more than 100. In January 2018, under the guidance of Pester's President and CEO Richard Spresser, the company acquired Western Convenience Store Inc. WFS retained the non company-operated store business units. (WFS) after WFS' purchase of Pester in September 2015. The ownership group originally acquired Pester's 47 company-operated stores in May 2016 as a spin-off from World Fuel Services Corp. advised Denver-based Pester Marketing in the transaction.įor 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, according to Matrix. Pester Marketing Co., which does business as Alta Convenience, sold to a joint venture entity between Fortress Investment Group LLC and a subsidiary of Phillips 66 Co. DENVER - Alta Convenience is changing hands. ![]()
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