The private equity firm Warburg Pincus had reached an agreement to acquire the fuel card and fleets payment services provider Electronic Funds Source.
Terms of the purchase from an investor group including First Data Transportation Services, CTP Holdings and FJ Management were not disclosed. The deal, which is expected to close in the second quarter of 2014, is subject to customary closing conditions and regulatory approvals.
“This transaction enables us to move forward as an independent company and focus on a wide variety of opportunities for growth to benefit our customers,” said Scott R. Phillips, EFS president and CEO.
EFS’ payment solutions are currently accepted at over 11,000 locations in North America
“We believe there is a significant opportunity to build on EFS’ success and enhance and expand its fleet and corporate payments solutions,” said Jim Neary, managing director and member of the executive management group, Warburg Pincus.
Warburg Pincus has more than $37 billion in assets under management with a portfolio of more than 120 companies.