Wright Express Completes Pacific Pride Services Acquisition
SOUTH PORTLAND, Maine --- Wright Express Corp. announced it has acquired certain assets of privately held Pacific Pride Services Inc. With a total value of approximately $32 million, the completed transaction was financed through Wright Express Corp.'s existing credit facility.
Pacific Pride's franchise network encompasses more than 330 independent fuel franchisees who issue their own Pacific Pride commercial fueling cards to fleet customers. These cards provide access to fuel at more than 1,000 Pacific Pride and strategic partner locations in the U.S. and Canada.
The Pacific Pride network processes approximately 32 million fleet card transactions annually and generates approximately 80 percent of its revenue from transaction fees.
"Pacific Pride offers compelling benefits to distributors and the fleets they serve, making it an outstanding strategic addition to our core business," said Wright Express President and CEO Michael Dubyak. "In addition, the distributors in Pacific Pride's franchise network represent a cross-selling opportunity for our new TelaPoint business."