Wright Express Expands Presence with Pacific Pride
SOUTH PORTLAND, ME – Wright Express Corporation recently announced that it has completed the previously announced acquisition of certain assets of privately held Pacific Pride Services, Inc.
With a total value of approximately $32 million, the transaction was financed through the Company'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. Named last month by The Wall Street Journal as one of the nation's top 25 "Franchise High Performers," Pacific Pride delivers a broad range of support services to franchisees.
The Pacific Pride network of franchisee fueling sites processes approximately 32 million fleet card transactions annually and generates approximately 80% of its revenue from transaction fees. Wright Express expects the acquisition to be accretive to non-GAAP earnings in the first 12 months of combined operations and to have no impact on the Company's margins.
"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 Chief Executive Officer Michael Dubyak. "In addition, the distributors in Pacific Pride's franchise network represent a cross- selling opportunity for our new TelaPoint business. With products from both TelaPoint and Pacific Pride, we can provide fuel distributors with a comprehensive solution that spans everything from management of fuel inventory at their bulk and retail sites to payment processing and purchasing controls for their fleet customers. Adding these new dimensions to the Wright Express value proposition should accelerate our strategic distributor initiatives and our growth in the small-fleet market."