Cascadia Capital (“Cascadia”), an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to World Fuel Services Corporation (NYSE:INT) (“WFS”) in the divesture of one of its propane business units, APP Propane, to ThompsonGas LLC (“ThompsonGas”).
WFS is a publicly traded global leader providing energy procurement advisory services, supply fulfillment, and transaction and payment management solutions to commercial and industrial customers, principally in the aviation, marine and land transportation industries. Founded in 1984, the company is headquartered in Miami, Florida and is among the top 100 companies on the Fortune 500 list of the largest U.S. corporations.
APP Propane, a leading propane distributor in the U.S. focused solely on the Pacific Northwest, was a wholly-owned subsidiary of WFS, which sought to divest the business unit following the 2016 acquisition of the predecessor parent entity, Associated Petroleum Products, Inc. Cascadia was the exclusive advisor to Associated Petroleum Products in that transaction.
ThompsonGas is a leading North American propane company headquartered in Maryland, and provides propane services to residential and commercial customers nationwide, including the Pacific Northwest. With the acquisition of APP Propane, ThompsonGas strengthens its presence in the Pacific Northwest region.
“Cascadia was able to strategically highlight APP Propane’s unique position in the Pacific Northwest to several interested buyers. It was a highly competitive process that culminated in a terrific result for all parties involved,” noted Jamie Boyd, Managing Director at Cascadia Capital.
“The company ultimately chose ThompsonGas due to their strong reputation and strategic rationale for the acquisition,” added Boyd. “We continue to see large fuel distribution corporations targeting companies in the greater Northwest to expand their footprint. We believe that there remains a solid appetite from the buyer community to continue to acquire accretive assets in strategic growth regions.”
The transaction represents another successful deal for Cascadia’s Energy & Applied Technology practice in the propane sector this year. Cascadia closed on Pacific Coast Energy LLC’s sale to DCC Propane, LLC in April 2019.
For more information about this transaction, please contact the Cascadia Capital deal team: