May 25, 2018
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South Portland’s Wright Express spends $369M to acquire Tenn. company

Contributed photo | BDN
Contributed photo | BDN
Michael Dubyak, CEO of Wright Express in South Portland.
By Whit Richardson, BDN Staff

SOUTH PORTLAND, Maine — Wright Express Corp., a business payment processor based in South Portland, has made its second acquisition in as many weeks.

The company announced on Wednesday it has reached a deal to purchase Fleet One from private equity firms LLR Partners and FTV Capital for $369 million in cash. The all-cash purchase will be financed through Wright Express’ existing credit facility.

Fleet One, based in Antioch, Tenn., provides fuel cards and fleet management services to companies that operate local trucking fleets, as well as those that provide long-range trucking services. It has 210,000 active fuel cards, which are accepted at 60,000 locations. It posted revenue in excess of $56 million in the 12 months ending June 30, 2012, according to a media release from Wright Express.

While Wright Express offers similar services for companies with local trucking fleets, the Fleet One acquisition will give it “an immediate presence in the heavy truck market” in the United States and Canada, CEO Michael Dubyak said in a statement. “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.

Wright Express expects to close the transaction, which is subject to regulatory approval, in the fourth quarter of 2012.

Last week, Wright Express announced it had acquired a 51-percent stake in UNIK S.A., a privately held Brazilian company that provides payroll cards and other payment processing services, for $21.9 million.

In early August, Wright Express posted revenue of $153.1 million for the second quarter of 2012, an 8 percent jump from the $141.3 million it reported for the second quarter of 2011.

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