In a bid to quickly expand the markets it serves, Wright Express Corp., a provider of business payment processing and information management solutions, has entered into an agreement to acquire Fleet One, a retail fueling business, from private equity firms LLR Partners and FTV Capital for $369 million in cash.
"Fleet One's over-the-road business will give us an immediate presence in the heavy truck market in the U.S. and Canada, while the blending of Fleet One and Wright Express' small fleet and private label businesses should provide greater scale,” said Wright Express chairman, CEO & president Michael Dubyak.
“Additionally, their enhanced portfolio of services will strengthen our position to support mixed fleets,” he added. “We expect this acquisition to provide us with significant opportunities for growth and it further demonstrates our commitment to expanding our Americas fleet business.”
According to a joint news release, “Fleet One provides fuel cards and fleet management information services that address the entire fuel card supply chain and has a meaningful presence in both the over-the-road and local fleet markets. For the last twelve months ending June 30, 2012, Fleet One's businesses generated revenue in excess of $56 million. They have 210,000 active cards, which are accepted at 60,000 locations, including 6,700 over-the-road locations.”
Wright Express described itself as “a leading provider of value-based, business payment processing and information management solutions.” The company said its fleet, corporate and prepaid payment solutions are provided to more than 350,000 customers. Its operations include Wright Express Financial Services, Pacific Pride, rapid! PayCard, Wright Express Prepaid Cards Australia, Wright Express Fuel Cards Australia and CorporatePay Limited, England, as well as a majority equity position in UNIK S.A, a Brazilian company.