1. ‘
Oil & Gas / Logistics
Disposal to World Fuel Services
Corporation
Fuel distributor
Grant Thornton provided corporate
finance advisory services
Watson Petroleum Limited
£117 million March 2014
Our Corporate Finance team advise on the sale of Watson Petroleum
Limited to World Fuel Services Corporation
I considered working with a number of advisors, but Mark Naughton
was the standout candidate. Mark and the team at Grant Thornton
took the time to get to know me, to understand the business, and was
an integral part of the Watson transaction team.
Tony Watson
Owner and Managing Director
Watson Petroleum
Background to deal
Watson Petroleum was founded in 1957. The
business has developed into one of the UK's
largest fuel distributors delivering gas oil, petrol,
diesel, heating oil, lubricants and other products to
residential, industrial and agricultural customers
across England and Wales.
Today the business is headquartered in
Brinkworth, Wiltshire, employing 670 people
across a network of over 45 depots, from which
it delivers c.1.5 billion litres of fuel each year,
generating revenues in excess of £1.3 billion.
Tony Watson took over as Managing
Director in 2006 and has driven growth from
c.£300 million to £1.3 billion over the last seven
years, both organically and by acquisition. More
recently he identified that the business needed to
plan for the future and he began to work with
his advisors, including Grant Thornton, to
develop a succession plan.
Solution
In parallel with growing the business
organically and by acquisition, Tony built the
senior management team and developed
relationships with potential strategic buyers,
supported by Grant Thornton.
World Fuel Services Corporation, a US
listed company, approached Tony in the
summer of 2013 expressing interest in
acquiring the business to build their land
business in the UK.
Grant Thornton supported Tony in his
negotiations with World Fuels to achieve a
strategic price for the business and a
structure that enabled the shareholders to
realise all the value of the business in cash
on completion.
How we made a difference
Tony ultimately achieved an excellent
outcome for himself, the other shareholders and
the business going forward.
Grant Thornton supported him over a number
of years culminating in the successful sale to
World Fuel Services Corp.
Commenting on the deal, Mark Naughton,
Corporate Finance Director said "We are
delighted to have advised Tony and the team on
the sale of Watson. World Fuels is an excellent
home for the business that will support it to
continue to grow in the UK market."

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