Expands Government-Related Fuel And Logistics Capabilities

World Fuel Services Corporation said Monday that, through a wholly-owned European subsidiary, it has signed a definitive agreement to acquire Nordic Camp Supply ApS based in Aalborg, Denmark. NCS is a full-service supplier of aviation, gasoline and diesel fuels and related logistics solutions supporting NATO, US and other European armed forces operations in Afghanistan.

“We are excited to welcome such an established and well-respected team as NCS to World Fuel,” stated Michael J. Kasbar, president and chief operating officer of World Fuel Services Corporation. “Their experience in managing fuel logistics in challenging environments will complement our existing government-related activities and provide a solid platform for further growth in the fuel logistics market.”

“We are very pleased to be joining a company with the global expertise and scale of World Fuel,” stated Michael Fossing, chief executive officer of NCS. “Combining our fuel logistics capabilities with the financial strength of World Fuel, will enable us to satisfy the growing demand for fuel logistics services in the market today.”

The purchase price for the transaction will be $68.5 million, which may be increased if NCS net assets exceed an agreed amount at closing. Up to $10 million of the purchase price and all or a portion of any increase in the purchase price above $68.5 million may be paid in the form of World Fuel Services Corporation common stock, valued based on an agreed trailing average price formula. The balance of the purchase price will be funded through cash-on-hand.

FMI: www.wfscorp.com