Wright Express has agreed to buy Fleet One from private equity firms for $369 million in cash, in a move that will extend its reach into the heavy-truck fueling market.
The South Portland, Maine-based company is buying the Nashville-based fuel card company from LLR Partners and FTV Capital in an all-cash deal that's expected to close in the fourth quarter.
"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 Wright Express 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 noted.
The move also will strengthen Wright Express' ability to support mixed fleets.
Wright Express processes fuel payments for fleet vehicles, offering fleet charge cards and information services for car, van and truck fleets throughout the U.S. 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.