Private Equity Firm Purchasing EFS
The private equity firm Warburg Pincus had reached an agreement to acquire the fuel card and fleets payment services provider Electronic Funds Source.
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.
More Fuel Smarts
How GP Transco Builds Fuel Savings a Fraction at a Time
Aerodynamic specs, solar panels, and driver incentives help GP Transco turn small efficiency gains into savings it can reinvest in its people.
Read More →
Trucking’s Diesel Squeeze Isn’t Letting Up
With diesel topping $6 a gallon nationally, ATA's Bob Costello explains why fleets should prepare for continued pressure at the pump.
Read More →
FlowBelow Redesigns Trailer AeroSlider to Cut Fuel Use
The lighter trailer aerodynamic system installs in less than 45 minutes, according to the company, with potential payback in under a year depending on fuel prices and trailer mileage.
Read More →
Why Diesel Price Relief Efforts May Fall Short
Diesel prices have eased from September’s record high, but doubts about additional Russian supply and limits on dyed-diesel tax relief mean trucking fleets still face expensive fuel. And prices could go higher.
Read More →
Why Small Fuel Savings Matter in Trucking
Can better fuel economy help pay for driver raises? In this podcast, GP Transco explains how small efficiency gains create room to reinvest in its people.
Read More →
How GP Transco Cuts Trucking Fuel Costs, a Tenth of a Gallon at a Time
What’s another tenth of a mile per gallon worth? GP Transco shares how equipment upgrades and driver coaching turn small gains into meaningful fuel savings.
Read More →
Electric Yard Tractors Move Beyond Pilots
Operating-cost savings have overtaken sustainability goals as the leading reason surveyed fleets are adopting battery-electric terminal tractors, according to new NACFE research.
Read More →
Geotab Links Fleet Card to Vehicle Data
The new card combines fuel discounts with telematics-based purchase controls. Geotab’s analysis also points to potential savings from choosing lower-priced fuel stops.
Read More →
Fleet Economics Shape Electric Truck Outlook
ACT Research expects costs, charging infrastructure, and technology improvements to drive zero-emission commercial vehicle adoption as federal regulations and incentives retreat.
Read More →
Wex Adds Cardless Fuel Payments for Over-the-Road Customers
A new fuel card feature for Wex customers offers convenience and security.
Read More →