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Fleetcor and CFN Announce Merger

September 22, 2003

FleetCor Technologies (FleetCor) and the Commercial Fueling Network (CFN) announced on Sept. 18 that the two companies have merged. The FleetCor-CFN combination creates the industry’s leading fleet card processing business, focused on serving the needs of petroleum marketers and business fleet operators. CFN, established in 1988, is a provider of fleet card processing and networking services for commercial fueling cardlock operators. The CFN network is comprised of 350 petroleum marketers with 2,500 retail and cardlock fueling locations throughout the United States and Canada. “We see the fleet card industry entering a period of consolidation. FleetCor is a great fit for CFN, and CFN’s participants will be well served by the union,” says Fred Bertetta, CFN’s founder. FleetCor Technologies was established in 2000 with the goal of becoming a leading fleet card issuing and processing company. Today, FleetCor’s card programs are marketed under a variety of brand names, including Fuelman, Gascard, and FleetNet. “CFN is the perfect complement to FleetCor’s fleet card family of solutions,” says FleetCor Chairman and CEO Ron Clarke. The combined company will be headed by Clarke and maintain a national network of 16 local company offices, including the existing Atlanta and San Francisco headquarters locations.
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