World Fuel Services resales: SBA acquisition loan data
Since FY2018, SBA lenders have approved 45 7(a) loans to buy an existing business operating under a World Fuel Services brand or supply agreement (classified mostly as Gasoline Stations with Convenience Stores), totaling $76.8M. The median loan was $1,440,000, 123% higher than the $645,250 median for all SBA-financed acquisitions. 14 of these loans were approved in the last two fiscal years.
The purchase agreement decides what you bought, not the loan approval.
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What this tells a buyer
- Price range to expect. Loan size tracks purchase price. Half of World Fuel Services resale loans landed between $1,011,600 and $2,143,500.
- Lender experience exists. Celtic Bank Corporation alone has financed 4 World Fuel Services resales.
- Guaranty. The SBA guaranteed 77% of the dollars lent here.
- What the file leaves out. The SBA file does not record the terms of the brand or supply agreement.
Financing a World Fuel Services resale
The median SBA 7(a) loan for a World Fuel Services resale was $1,440,000 across 45 loans (FY2018 to FY2026). Celtic Bank Corporation, Hanmi Bank and Southwestern National Bank have financed the most World Fuel Services resales. Of 21 seasoned loans (FY2018 to FY2021), none were charged off, against the 3.5% average for all SBA acquisition loans.
World Fuel Services acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 1 | $1.6M | $1,600,000 | |
| FY2019 | 10 | $11.4M | $1,029,800 | |
| FY2020 | 2 | $3.2M | $1,590,800 | |
| FY2021 | 8 | $16.5M | $1,598,000 | |
| FY2022 | 8 | $10.7M | $1,280,000 | |
| FY2023 | 2 | $2.8M | $1,419,800 | |
| FY2024 | 0 | $0 | - | |
| FY2025 | 2 | $6.1M | $3,042,450 | |
| FY2026 | 12 | $24.5M | $1,945,700 |
How often do these acquisition loans fail?
Of the 21 World Fuel Services acquisition loans approved from FY2018 to FY2021 (the seasoned cohort, every loan at least about five years old), none have been charged off by the SBA. 9 have already been paid in full.
For comparison, World Fuel Services has none charged off, against the 3.5% average across all SBA 7(a) acquisition loans in the same cohort. Non-acquisition 7(a) loans (every other stated purpose) approved FY2018 to FY2021 charged off at 6.2%.
"Charged off" is the SBA's final loss action on a defaulted loan after collection efforts. It lags default by a year or more, which is why only older cohorts are measured. It is not the same as a delinquency rate, and loans still outstanding can still fail. See charge-off in the glossary.
Seller note standby terms and third-party consents are reviewed before closing.
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Lenders financing World Fuel Services resales
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Celtic Bank Corporation | 4 | 8.9% | $10M | |
| 2 | Hanmi Bank | 4 | 8.9% | $6.5M | |
| 3 | Southwestern National Bank | 3 | 6.7% | $6.1M | |
| 4 | The Huntington National Bank | 3 | 6.7% | $2.4M | |
| 5 | UniBank | 2 | 4.4% | $6.3M | |
| 6 | OakStar Bank | 2 | 4.4% | $4.9M | |
| 7 | Merchants Bank of Indiana | 2 | 4.4% | $3.1M | |
| 8 | Open Bank | 2 | 4.4% | $2.6M | |
| 9 | Commonwealth Business Bank | 2 | 4.4% | $2.6M | |
| 10 | Landmark National Bank | 2 | 4.4% | $2.6M |
States where World Fuel Services units are bought
| # | State | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Illinois | 10 | 22.2% | $13.6M | |
| 2 | Washington | 8 | 17.8% | $22.5M | |
| 3 | Texas | 6 | 13.3% | $11.1M | |
| 4 | Colorado | 6 | 13.3% | $7.4M | |
| 5 | Wisconsin | 5 | 11.1% | $5.5M | |
| 6 | Minnesota | 3 | 6.7% | $3.2M | |
| 7 | California | 2 | 4.4% | $5.4M | |
| 8 | Missouri | 2 | 4.4% | $4M | |
| 9 | Kansas | 2 | 4.4% | $3.5M | |
| 10 | Iowa | 1 | 2.2% | $620K |
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Questions buyers ask
How much do buyers borrow to buy a business operating under a World Fuel Services brand or supply agreement?
The median SBA 7(a) loan for a World Fuel Services resale was $1,440,000 across 45 loans (FY2018 to FY2026). The middle half of loans ran from $1,011,600 to $2,143,500. The loan excludes the buyer's equity and any seller note and may include working capital, so the price is usually higher than the loan.
Which banks finance World Fuel Services acquisitions?
Celtic Bank Corporation has made the most SBA acquisition loans for World Fuel Services (4, 9% of the total). Hanmi Bank, Southwestern National Bank, The Huntington National Bank follow.
What interest rate and term do World Fuel Services acquisition loans carry?
The average initial rate at approval was 6.81% (a blend of fixed and variable loans across several rate environments, so treat it as context, not a quote). The median term was 25 years.
Is a World Fuel Services resale riskier than other SBA-financed acquisitions?
In the seasoned cohort (FY2018 to FY2021), none charged off, against the 3.5% average for all SBA acquisition loans.
Where are World Fuel Services units being bought with SBA loans?
Illinois (10), Washington (8), Texas (6), Colorado (6), Wisconsin (5). State counts follow where the brand has units and where SBA lending is most active generally; see the state pages for the overall picture.
Terms signed in the LOI shape the purchase agreement that follows.
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Related
- All Gasoline Stations with Convenience Stores acquisitions
- Illinois acquisitions
- Washington acquisitions
- Texas acquisitions
- Celtic Bank Corporation
- Hanmi Bank
- Southwestern National Bank
- All franchise brands
Brand name as recorded by lenders in the SBA file: "World Fuel Services, Inc Wholesale Supply Agreement" (franchise code S3094). Figures are aggregates of public SBA data and are not provided or endorsed by the brand owner or supplier.