A St. Louis investor has emerged as a shareholder in Aegean Marine Petroleum Network as the marine fuel logistics company continues to distance itself from its founder.
Towle & Co., a private equity firm led by J. Ellwood Towle, now owns 5.21%, or 2.1 million shares, of the company established in 1995 by Dimitris Melisanidis.
A stakeholder must file notice with the Securities and Exchange Commission when its interest in a listed company exceeds 5%.
US-listed Aegean announced yesterday that it plans to move out of the Melisinidas-owned headquarters to save money.
Melisinidas was bought out from the company in 2016 but came back into the picture a few months ago when Aegean looked to buy his company HEC Europe for $367m.
The deal was terminated and three dissident Aegean shareholders were added to the board of directors , one of whom has been appointed chairman.
