Wright Express Corp., a provider of business payment processing and information management solutions, and Fleet One, an over-the-road and local retail fueling business, on Wednesday, Sept. 5, both announced that they have entered into a definitive agreement whereby Wright Express will acquire Fleet One from private equity firms LLR Partners and FTV Capital for $369 million in cash. The transaction is anticipated to close in the fourth quarter subject to closing conditions.
Nashville, Tenn.-based Fleet One provides fuel cards and fleet management information services that address the entire fuel card supply chain in both the over-the-road and local fleet markets. For the last 12 months ending June 30, Fleet One’s businesses generated revenue in excess of $56 million. They have 210,000 active cards that are accepted at 60,000 locations, including 6,700 over-the-road locations.
“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 South Portland, Maine-based 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.”
Dubyak said Fleet One’s enhanced portfolio of services will strengthen Wright Express’ 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,” he said.
