Wright Express Completes Acquisition of Pacific Pride
March 03, 2008
Wright Express Corp. has completed its previously announced acquisition of certain assets of privately held Pacific Pride Services, Inc.
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.
The Pacific Pride network of franchisee fueling sites processes approximately 32 million fleet card transactions annually and generates approximately 80 percent of its revenue from transaction fees.
With a total value of approximately $32 million, the transaction was financed through the company's existing credit facility.
Wright Express President and CEO Michael Dubyak noted that the distributors in Pacific Pride's franchise network represent a cross-selling opportunity for the company's 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."