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8-K - LIVE FILING - FLEETCOR TECHNOLOGIES INC | htm_43720.htm |
EX-2.1 - EX-2.1 - FLEETCOR TECHNOLOGIES INC | exhibit1.htm |
EXHIBIT 99.1
FleetCor Acquires UK Fuel Card Company for approximately $304 Million
AllStar is a Leading Fuel Card Provider in the UK
ATLANTA, Ga., December 13, 2011 FleetCor Technologies, Inc. (NYSE: FLT), a leading global provider of fuel cards and specialized payment products to businesses, today announced that it has acquired AllStar Business Solutions Limited (AllStar) from The Arval Group (Arval) for £194 million (approximately $304 million).
AllStars fuel cards permit fleet operators to provide their company drivers with a payment card to fuel their vehicles securely without having the need to pay with cash or personal credit cards. At present, AllStar has approximately 40 thousand customers and about one million cardholders, a large portion of whom are small and medium sized enterprises. AllStar serves both business clients directly, and strategic partners like Arval leasing who in turn serve their customers. AllStar fuel cards are accepted by all U.K. major fuel brands, including the leading supermarket chains.
In addition, Arval and FleetCor have entered into a strategic relationship where Arval will provide fuel card payment solutions to its customers through AllStar.
We are pleased to announce the acquisition of AllStar, which is consistent with our global acquisition strategy of identifying attractive assets with performance upside. We believe that we can help AllStar realize its full potential, as we have in previous acquisitions, by bringing our best practices, technology and commitment to this portfolio, said Ron Clarke, chairman and chief executive officer, FleetCor Technologies, Inc.
We believe that this sale is a positive move for AllStar employees, partners and customers. FleetCor brings global fuel card expertise, best practices and experience to AllStar, which, we believe, will enable us to improve the products and services available to its customers, said Andrew Blazye, chief executive officer, FleetCor Europe.
FleetCor financed the all cash acquisition with available cash and financing through its existing credit facilities. FleetCor expects the acquisition to be accretive to revenues and earnings in 2012. The Agreement for the sale and purchase of the entire issued share capital of AllStar Business Solutions Limited was entered into and consummated December 13, 2011 between FleetCor Technologies, Inc., its wholly-owned subsidiary, FleetCor UK Acquisition Limited, and Arval UK Group Limited, as described in FleetCors Current Report on Form 8-K filed with the SEC today. The U.K. Office of Fair Trading is reviewing this acquisition and FleetCor will comply with customary undertakings during the review process.
Ron Clarke, FleetCors chairman and chief executive officer and Eric Dey, FleetCors chief financial officer, will host a conference call December 13, 2011 at 11:00am ET to discuss FleetCors acquisition. A live webcast of this conference call will be available at the Investor Relations section of FleetCors website (www.fleetcor.com). The live conference call also can be accessed by dialing (877) 941-4774 or for international callers (480) 629-9760. A replay of the webcast will be available on FleetCors website for approximately one year.
For your convenience, the conference call can be replayed in its entirety beginning from two hours after the end of the call through December 20, 2011. If you wish to listen to the replay of this conference call, please dial (877) 870-5176, or for international callers (858) 384-5517 and enter passcode 4497108.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities
laws. Some of these statements include those regarding the transaction between FleetCor and Arval,
FleetCors future financial and operating results, benefits of the transactions, future
opportunities for the combined company, and any other statements about FleetCor or AllStar
managements future expectations, beliefs, goals, plans or prospects. Statements that are not
historical facts, including statements about FleetCors beliefs, expectations and future
performance, are forward-looking statements. Forward-looking statements can be identified by the
use of words such as anticipate, intend, believe, estimate, plan, seek, project or
expect, may, will, would, could or should, the negative of these terms or other
comparable terminology. There are a number of important factors that could cause actual results or
events to differ materially from those indicated by such forward-looking statements, including the
outcome of any regulatory review or proceedings that may be instituted in connection with the
transaction; difficulties in integrating AllStar or a failure to attain anticipated operating
results, each of which could affect the accretiveness of the acquisition, and the other factors
described in FleetCors periodic reports filed with the Securities and Exchange Commission.
FleetCor undertakes no obligation to update forward looking statements to reflect changed
assumptions, the occurrence of unanticipated events, or changes in future operating results,
financial condition or business over time. Readers are further advised to review the Risk Factors
set forth in FleetCors Annual Report on Form 10-K, which further detail and supplement the factors
described in this paragraph.
About FleetCor
FleetCor, is a leading global provider of fuel cards and specialized payment products to
businesses. FleetCors payment programs enable businesses to better manage and control employee
spending and provide card-accepting merchants with a high volume customer base that can increase
their sales and customer loyalty. FleetCor serves commercial accounts in North America, Europe,
Africa and Asia. For more information, please visit www.fleetcor.com.
About Arval UK
Arval UK is part of the Arval Group, a European leader in full service vehicle leasing, and owned
by BNP Paribas, with substantial buying power and a commitment to quality. With over 35 years of
fleet management experience, Arval UK is a people-led company, with specialist teams dedicated to
businesses from start-ups to FTSE 100 companies. Arval is investing significantly in technology to
improve fleet management efficiency and has a comprehensive range of products and services covering
contract hire, fleet management, fuel management, leasing, personal motoring schemes, accident
management, breakdown recovery and short term hire. www.arval.co.uk
About the Arval Group
Founded in 1989, Arval specialises in full service vehicle leasing, offering companies tailored
solutions that optimise their employees mobility and outsource the risks associated with fleet
management. Expert advice and service quality, which are the foundations of Arvals customer
promise, are delivered in 22 countries by over 4,000 employees, and in 12 other countries through
its network of partners. Arvals total leased fleet adds up to 667,500 vehicles throughout the
world (December 2010). Arval is part of BNP Paribas Retail Banking Equipment Solutions.
About BNP Paribas
BNP Paribas is one of the best rated banks in the world. The Group has a presence in more than 80
countries and more than 200,000 employees, including more than 160,000 in Europe. It ranks highly
in its three core activities: Retail Banking, Investment Solutions and Corporate & Investment
Banking. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and
BNP Paribas Personal Finance is the leader in consumer lending. BNP Paribas is rolling out its
integrated retail banking model across the Europe-Mediterranean zone and boasts a large network in
the western part of the United States. In its Corporate & Investment Banking and Investment
Solutions activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the
Americas and solid and fast-growing businesses in Asia. *Rated AA- by Standard & Poors.
Contacts:
For FleetCor
Investor Relations
investor@fleetcor.com
770-729-2017