An investment fund managed by Houston-based Saracen Energy Advisors LP has acquired FuelQuest Inc., a provider of information technology, supply chain management and tax automation technologies to the downstream petroleum complex, fuel retailers, fuel suppliers, distributors, trading firms and large transportation
The acquisition will provide FuelQuest substantial additional capital support to continue to grow its existing fuel management and tax platforms. Through its relationship with Saracen, FuelQuest expects to extend its information technology and business relationships to meet increasing customer requests to become more fully integrated with bulk fuel supply markets. FuelQuest will be a provider of systems and services required by those clients to support their growing shipping, storage and trading operations.
“We are actively evaluating potential asset transactions that allow us to leverage our commercial capabilities,” said Saracen CEO Neil Kelley. “We view the FuelQuest transaction as an innovative way to accomplish this goal through a company whose business model is focused around information technology and customer relationships rather than physical assets.”