![]() ![]() It’s managed by three individuals, each of whom owns or controls a significant percentage of one or more of the limited partnerships. Under the mediation settlement agreement, Zaccaria resigned from his posts.Ī new general partner was installed. Texas Inc.: Get the best of business news sent directly to your inboxĪround that time, though, some limited partners started questioning Zaccaria’s “conduct.”Ī group of limited partners representing a significant percentage of the limited partnership interests decided to remove Zaccaria from his roles with Pester and the partnerships, court records show. The stores were rebranded as Alta stores, pushing the number of stores in the chain over the the century mark. ![]() Then, early last year, multiple publications reported Pester had acquired Western Convenience Stores Inc.’s 42 retail locations in Colorado and western Nebraska. In 2017, it expanded to the West Coast with the acquisition of five Smitty’s stores in a joint venture with R.H. Western Alta proceeded to add more stores. World Fuel acquired all of Pester’s stock in 2015 before flipping the retail business about eight months later. The stores were owned by Pester, which also was a distributor of motor fuels and lubricants. Western Alta launched with a big splash in 2016 when it acquired about 57 convenience stores from Miami-based World Fuel Services for $32.3 million. The limited partners say they invested “millions of dollars” in the convenience store business. He identifies himself on his LinkedIn page as a petroleum engineer who has purchased interests in more than 300 oil and gas wells in Texas and elsewhere “using a combination of equity and capital from partners and self financing.” His businesses include PNP Petroleum. Zaccaria is described in the Western Alta lawsuit as the promoter of different limited partnerships set up to buy convenience stores. Ortega, cited the confidential settlement agreement in declining to comment. Pauerstein, attorney for Western Alta, Pester and the limited partnerships suing Zaccaria and his Pioneer C-Stores Management Inc.Ĭalls to Zaccaria were not returned. “We stand by the claims we allege and look forward to proving them in court,” said J.D. As for efforts to sell the stores, he said he signed “several different confidentiality agreements” that bar him from talking. “I don’t want to do any harm,” Youngblood said in declining to comment. San Antonio businessman Sam Youngblood, one of the limited partners, referred calls to their attorney. On : After CST Brands buyout, convenience store war may enter new phase He wants a court to declare the agreement void.Īll the drama is unfolding as a deal may be imminent for some or all the stores, Zaccaria says in his lawsuit. It released Zaccaria from any of the limited partners’ claims, he alleges, yet they say he’s still indebted to them. Zaccaria actually was first to go to court, suing some limited partners in September over a mediated settlement agreement. ![]() The suit seeks more than $1 million in damages. In a lawsuit filed last month here in state District Court, Western Alta, Pester and related partnerships accuse the executive, Phil Zaccaria, who has served as Western Alta’s general partner and Pester’s CEO, of embezzling limited partners’ money and falsifying the partnerships’ books. Some of the limited partners who invested millions of dollars in the business have squared off with the executive who raised the money to enter the convenience store industry three years ago. In addition to the Make-A-Wish blue stars purchased by customers, Alta Convenience also donated 10% of the total Stars sold.Under Western Alta’s control, Pester has expanded the business to become the 58th largest convenience store chain in the country with an estimated $392.3 million in annual sales volume, according to a July ranking by Convenience Store News. I must also commend all of our stores and their staffs for their work and enthusiasm in helping Pester achieve its goal with Make-A-Wish,” said Rich Spresser, president of Pester Marketing Company. Because of the unbelievable generosity of our customers, the donations continue to grow and we at Pester are able to fund more wishes and to help more children to experience their ultimate wish. “Pester Marketing (parent company of Alta Convenience Stores) has just completed its fourth year of partnership with the Make-A-Wish foundation. Over the past four years, the stores have raised more than $200,000, and in the past year alone they raised $53,057. – Alta Convenience Stores in Colorado, New Mexico, Kansas and Nebraska successfully raised money for children with life-threatening illnesses through an in-store donation campaign benefitting the Make-A-Wish foundation. ![]()
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