Auburn-based Flyers Energy announces sale to World Fuel Services

World Fuel Services announced its acquisition of Auburn-based Flyers Energy Group on Thursday. The Miami-based company purchased the Flyers Energy Group from the Dwelle family, who have been engaged in the petroleum marketing industry for 40 years. The total purchase price will be $775 million. Included in the sale are Flyers Energy's holdings and operation of unattended cardlock fuel locations across the United States. Lubricants and bulk fuel distribution warehouses will also be divested to World Fuel along with wholesale fuel distribution contracts with independent fuel stations. The long-tenured Flyers management team will continue to lead the company's day-to-day operations for the businesses being sold, supported by its 460 team members. "The existing World Fuel geographic footprint and services are complementary to Flyers and make this a natural fit," said Flyers Managing Partner Walt Dwelle. "Having made acquisitions many times ourselves, we recognized the value in this match." Ken Dwelle, President of Flyers Sustainable Energy, said he doesn't expect the acquisition to affect Flyers' presence in Auburn. "I believe they will continue to grow right here in Auburn," Ken Dwelle said. "This is good for the city of Auburn." Flyers Energy is consistently one of the city's top generators of tax revenue. Auburn Economic and Planning Manager Jonathan Wright described the company as a "feather in the cap" of the city. World Fuel Services is a global energy management company involved in providing supply fulfillment, energy procurement advisory services and transaction and payment management solutions to commercial and industrial customers, principally in the aviation, marine and land transportation industries. World Fuel Services sells fuel and delivers services to its clients at more than 8,000 locations in more than 200 countries and territories worldwide. "We could not be more excited to welcome the Flyers customers and talented team members to the World Fuel Services family," said Ira Birns, Executive Vice President and Chief Financial Officer. "The Dwelle family has built an exceptional company, and we are proud to have the opportunity to build upon their legacy." The sale is expected to close on or around the first of the year, after which two divisions not sold to World Fuel will be part of a family office. The former Flyers Sustainable division, headed by Ken Dwelle, is focused on renewable or "green" energy and has investments in solar, ethanol, biodiesel, cogeneration and renewable natural gas production facilities. Former Flyers CEO Rick Teske will continue to lead Nella Invest division, which owns a portfolio of holdings in real estate, hospitality and other business interests. DCA Partners acted as financial advisor to Flyers Energy Group, and Weintraub Tobin acted as legal advisor. BofA Securities, Inc. acted as exclusive financial advisor to World Fuel Services in the transaction, and Norton Rose Fulbright and Kirkland & Ellis acted as legal advisors. "I've been a part of building this business for the past 19 years and I am proud of what we have done," Ken Dwelle said. "We did not want to let our team down. The right offer came at the right time." Ken Dwelle said his family will still be involved Auburn, focusing their efforts and talents in different ways. "We love Auburn and are committed to Auburn and we aren't going anywhere," he said.