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12 West Capital Management Picks Up Stake in Aegean Marine Petroleum Network

12 West Capital Management, led by Joel Ramin, has disclosed, in a new filing with the Securities and Exchange Commission, increasing slightly its position in Aegean Marine Petroleum Network Inc. (NYSE:ANW), currently holding 2.4 million shares. The stake amasses around 5.1% of the outstanding common stock, and has a value of $25.6 million, at the current price of the company’s shares. In the latest 13F, Joel Ramin’s fund reported holding around 2.2 million shares.

Aegean Marine Petroleum Network Inc. (NYSE:ANW)

The stock of Aegean Marine has grown since the beginning of the year, its YTD return reaching over 102%, trailing a P/E of 20.9. The company is engaged in supply and marketing of various marine oil products, with a fleet of over 50 vessels, and markets all over the globe. In the third quarter of the year, Aegean Marine posted sales volume of 2.5 million metric tons, and a gross profit of $70.8 million, down from $74.4 posted a year ago. The net income attributable to stockholders has also declined and totaled around $7.3 million, versus $8.0 million in the year-ago quarter.

Aside from 12 West, some other shareholders of Aegean Marine Petroleum Network are Perella Weinberg Partners, managed by Daniel Arbess, which holds around 835,400 shares, worth $9.9 million, and Andy Redleaf’s Whitebox Advisors, with a holding worth $4.2 million, which amasses 351,800 shares, among others.

12 West Capital Management is a hedge fund founded about 2 years ago by Joel Ramin, a former employee of Roberto Mignone’s Bridger Capital. The fund prefers to put its money in short positions, but also invests in long equity holdings. In the latest round of 13F filings, 12 West disclosed its largest position as a $177.8 million stake in FleetCor Technologies, Inc. (NYSE:FLT), the stake amassing 1.6 million shares. Some smaller holdings involve companies like Tripadvisor Inc (NASDAQ:TRIP), in which the fund owns around 1.2 million shares, worth $87 million; and UTi Worldwide Inc. (NASDAQ:UTIW), with ownership of over 5.0 million shares, worth $76 million.

Disclosure: none

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