World Fuel Services To Acquire Rival Colt International
Miami, Fla.-based World Fuel Services (WFS) bolstered its general aviation offerings, having signed an agreement to purchase contract fuel and international trip planning provider Colt International. Colt, founded in 1999, serves 5,700 flight departments.
Headquartered in Houston, Colt reported revenues of approximately $400 million last year through its private aviation trip-support services at more than 3,000 locations worldwide. “We look forward to welcoming the Colt team to World Fuel Services,” said WFS chairman, president and CEO Michael Kasbar. “Colt will further expand our global presence in contract fuel and international trip planning services, driving strategic synergies in our growing general aviation business.”
The deal–which is expected to be complete next month, pending customary closing conditions–is valued at approximately $63 million and will be funded through World Fuel Services’ cash on hand and existing credit facilities.