Wright Express has announced a definitive asset purchase agreement to acquire Pacific Price Services, a privately held company, for approximately $32 million in cash. The transaction should be completed before the end of the 2008 first quarter.
Pacific Pride has a franchise network of over 330 independent fuel franchisees, processing about 32 million fleet card transactions a year, the company said. Pacific Pride cards provide access to fuel at over 1,000 partner locations.
"Over the past two years Wright Express has made a large investment in developing a state-of-the-art distributor payment processing and information platform for Pacific Pride, and we are pleased to be taking this relationship to the next level," said Michael Dubyak, president & CEO of Wright Express.
"As part of the Wright Express organization, Pacific Pride will benefit from increased site coverage and better access to the technology, services and fleet products offered by Wright Express, which in turn should enhance franchisee network growth,” said David Harris, president of Pacific Pride. “Our existing agreements and relationships with Pacific Pride franchisees will remain in effect.”