Fleet One management, investors buy company from SunTrust Banks

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Fleet One Holdings — an affiliate funded by LLR Partners, FTVentures and the Fleet One management team — announced Tuesday, Sept. 2, that it has acquired TransPlatinum Service, the holding company for Fleet One and a wholly-owned subsidiary of SunTrust Banks Inc. Terms were not announced.

With a national customer base of more than 20,000 fleets, and products accepted at more than 40,000 locations across the country, Fleet One is a provider of fuel charge cards and fleet management information services to all vehicle classes. Following this acquisition, the current management team of Fleet One will continue to manage and grow the company’s products and services.

“We are excited to grow Fleet One as an independent business,” says Andy Roberts, chief executive officer of Nashville, Tenn.-based Fleet One. “With the support of LLR Partners and FTVentures as investment partners, we are well positioned to provide best-in-class value and service to our growing customer base.”

Fleet One was acquired by SunTrust in 2004 as part of its National Commerce Financial merger. The unit since has operated as a separate business. “This transaction reflects SunTrust’s ongoing priority of managing our business mix to ensure concentrated focus on our key client and market segments,” says David Fuller, SunTrust executive vice president. “We are pleased that under this new structure, Fleet One and its management team will be positioned to maintain their successful growth trajectory. We look forward to a continuing business relationship with them.”

“LLR Partners and FTVentures have a long history with the management team at Fleet One,” says Mitchell Hollin, a partner of LLR Partners and chairman of Fleet One Holding LLC. “Acquiring Fleet One was a compelling opportunity because of its strong growth dynamics and attractive market position.”

“Fleet One’s proven management team and unique service offering, which spans all fleet classes, strongly position the company to achieve its expansion goals,” says Richard Garman, managing partner of FTVentures. “We look forward to partnering with Fleet One and leveraging our extensive domain expertise in transaction processing services to help the company capitalize on its strong momentum in the coming years.”