World Fuel Acquires CF Altitude’s Branded Wholesale Dealer Business
Transaction allows CF Altitude to sharpen its focus on retail operations while expanding World Fuel’s branded wholesale fuels business
World Fuel has acquired the branded wholesale dealer business of CF Altitude LLC, according to an announcement from Matrix Capital Markets Group, which advised CF Altitude on the transaction.
Matrix said it provided merger and acquisition advisory services to CF Altitude, including valuation work and execution of a confidential, structured sale process. The transaction was led by Cedric Fortemps, CFA, co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group, along with John Duni, CFA, CPA, director; Michael Tucker, CFA, vice president; and Josh Polce, CPA, analyst.
The transaction separates CF Altitude’s branded wholesale dealer business from its core retail operations and gives World Fuel an opportunity to further expand its branded wholesale fuels platform.
“We believe this is an excellent outcome for both parties, allowing the Company to further focus on its core retail operations while providing World Fuel with an opportunity to continue growing its branded wholesale fuels business,” said Fortemps.
Bryan Ikegami of Reed Smith LLP served as legal counsel to CF Altitude.
The announcement did not provide details on the size of CF Altitude’s branded wholesale business, the number of dealer accounts included in the transaction, geographic coverage or transaction value.
For World Fuel, the acquisition adds to its position in branded wholesale fuels distribution. For CF Altitude, the sale provides a clearer focus on its remaining retail operations, consistent with Matrix’s characterization of the strategic rationale for the transaction.
Terms of the deal were not disclosed.
About Matrix Capital Markets Group
Matrix Capital Markets Group, a division of Citizens, is an advisory-focused investment bank headquartered in Richmond, Virginia, with an additional office in Baltimore. Its Downstream Energy & Convenience Retail Investment Banking Group advises companies across convenience retailing, petroleum marketing and distribution, propane, heating oil, lubricants distribution, petroleum transportation and logistics, terminals, car washes and quick-service restaurants. Matrix said the group has completed more than 400 engagements since 1997.
About Citizens Financial Group
Citizens Financial Group is a Providence, Rhode Island-based financial institution with $233.8 billion in assets as of June 30, 2026. Its operations include consumer banking, private banking, wealth management and commercial banking.