Wright Express to Acquire Fleet One for $369 Million
SOUTH PORTLAND, ME – Wright Express has entered into a definitive agreement to acquire Fleet One from private firms LLR Partners and FTV Capital for $369 million in cash. According to Wright Express, the company expects this acquisition to generate approximately $100 million in present value tax benefits. Wright Express is financing this all-cash transaction through its existing credit facility. The company stated it expects the transaction to close during the fourth quarter of 2012.
“This is a unique opportunity to combine Fleet One’s strong brand and presence in the over-the-road market with Wright Express’ best-in-class product set to service the full spectrum of fleets,” said Michael Dubyak, chairman, chief executive officer and president of Wright Express. “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. Additionally, their enhanced portfolio of services will strengthen our position to support mixed fleets. We expect this acquisition to provide us with significant opportunities for growth and it further demonstrates our commitment to expanding our Americas fleet business.”
Fleet One provides fuel cards and fleet management information services for the fuel supply chain, and does business in both the over-the-road and local fleet markets. According to Wright Express, Fleet One’s businesses generated revenue in excess of $56 million for the last 12 months ending June 30. The company has 210,000 active fuel cards that are accepted at 60,000 locations, including 6,700 over-the-road locations, according to Wright Express.