FleetCor Raises $235 Million in Growth Capital
ATLANTA — FleetCor, a provider of fleet card and related information services for business fleets and petroleum retailers, has received a $75 million equity investment from Bain Capital, a global private investment firm. Simultaneously, FleetCor completed a recapitalization through which it replaced its existing senior credit facility with a $130 million term loan and a $30 million revolving facility raised by JP Morgan Chase Bank, N.A. and PNC Bank, National Association. As part of the transaction, FleetCor’s largest shareholder, Summit Partners, together with Bain Capital, have acquired a majority interest in the company.
The company intends to use the proceeds from the recapitalization to replace its existing indebtedness, launch a new private label fleet card program with BP, finance a partial redemption of shares from existing shareholders, and pursue additional acquisitions of related businesses.