World Fuel Services Corporation announced the completion of the previously announced acquisition of Flyers Energy Group.
Headquartered in Auburn, California, Flyers’ operations include transportation, commercial fleet fueling, lubricants distribution, and the supply of wholesale, branded and renewable fuels to more than 12,000 customers. Flyers’ leading national network of cardlock locations is the largest in the United States.
“This is an important day for World Fuel as we closed the largest acquisition in our company’s history,” stated Michael J. Kasbar, chairman and chief executive officer. “We are excited to welcome the highly talented and successful Flyers team to World Fuel, creating an expanded national platform to deliver value-added solutions to commercial and industrial customers across the United States.”
“Solid balance sheet management and strong cash flow has enabled us to fund this transaction while maintaining significant financial flexibility to invest in additional synergistic growth opportunities to further bolster our market position,” said Ira M. Birns, executive vice president and chief financial officer. “We expect this acquisition to be significantly accretive to earnings, cash flow and return on invested capital, driving greater shareholder value.”