World Fuel Services Corporation has announced today that it has signed a definitive agreement to acquire
Colt International, LLC, a leading provider of contract fuel and international trip planning services in the general aviation marketplace, for a purchase price of approximately $63 million. The purchase price will be funded through cash-on-hand and the company’s existing credit facilities.
Colt, headquartered in Houston, Texas, with 150 employees and 2013 revenue of approximately $400 million, is a leading provider of contract fuel and trip planning services at more than 3,000 locations worldwide.
"We look forward to welcoming the Colt team to World Fuel Services," said
Michael J. Kasbar, chairman, president and chief executive officer of World Fuel Services Corporation. "Colt will further expand our global presence in contract fuel and international trip planning services, driving strategic synergies in our growing general aviation business."
"This transaction will enable us to combine the strengths of the Colt and World Fuel international trip planning service platforms, leading to an even stronger value proposition for the general aviation market," said
Joel Purdom, chief executive officer of Colt International, LLC.
"Joining a company with the capabilities and expertise of World Fuel will allow us to further enhance the level of service offered to one of the largest contract fueling networks in the general aviation market," said
Malcolm Hawkins, president of Colt International, LLC.
The transaction is expected to be $0.06 to $0.09 accretive to earnings on a GAAP basis in the first twelve months. Non-GAAP accretion, which excludes amortization of acquired intangible assets of approximately $0.02 per share, is expected to be $0.08 to $0.11 in the first twelve months.
The transaction is subject to customary closing conditions and is expected to be completed within the next 30 days, World Fuel Services said.
