FleetCor Acquires CardLink, New Zealand-based Fuel Card Business
NORCROSS, Ga.--(BUSINESS WIRE)-- FleetCor Technologies, Inc. (FLT), a leading global provider of fuel cards and workforce payment products to businesses, announced today that it has acquired CardLink, a fuel card issuing and payment processing company, based in Auckland, New Zealand.
CardLink provides a market-leading proprietary fuel card program with near universal acceptance at retail fueling stations across New Zealand. The company markets its fuel cards directly to mostly small-to-midsized businesses, and provides processing and outsourcing services to oil companies and other partners. CardLinks clients and partners have been developed over the past 25 years, and include a number of major oil companies and corporate brands.
This latest acquisition expands FleetCors growing presence in the region and follows its recent purchase of GE Capitals Fleet Card business in Australia, announced in March 2013. In response to FleetCor's rapid expansion and pursuit of additional opportunities, FleetCor has appointed Paul Holland, previously responsible for its International Partner business in Europe and Asia, as Managing Director, Australasia, to lead the companys activities in the region.
Ron Clarke, FleetCors chairman and chief executive officer said, The addition of CardLink to our portfolio provides a great base to develop a real presence in the Asia-Pacific region. In conjunction with our acquisition of GEs Fleet Card business in Australia last month, we will be able to leverage FleetCors global expertise to develop the business in many new and innovative ways. In addition, this operating base will create the presence to potentially help our global oil partners in the region.
Ben Unger, chief executive officer of Windhaven Investments and representing the selling shareholders, said, "We believe FleetCors global capabilities and aspirations puts CardLink in a great position to advance to the next stage of its development. We wish the CardLink team every success for the future now as a part of FleetCor."
We expect this transaction to be accretive by approximately $0.02 in adjusted net income per diluted share for the period of time that we will own the business in 2013. The 2013 adjusted net income per diluted share impact is also net of approximately $1 million in deal related expenses, said Eric Dey, FleetCors chief financial officer.
Terms of the transaction were not disclosed.
This press release contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about FleetCor's 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. Examples of forward-looking statements in this press release include statements relating to FleetCors prospects for developing a presence in the Asia-Pacific region, future development of the business, potential benefits to oil partners, and accretiveness to earnings. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement, such as delays or failures associated with acquisitions and the failure to successfully integrate or otherwise achieve anticipated benefits from such acquired businesses; failure to successfully expand business internationally; the impact of foreign exchange rates on operations, revenue and income; the effects of general economic conditions on commercial activity, as well as the other risks and uncertainties identified under the caption "Risk Factors" in FleetCor's Annual Report on Form 10-K for the year ended December 31, 2012, filed with the Securities and Exchange Commission on March 1, 2013. FleetCor believes these forward-looking statements are reasonable; however, forward-looking statements are not a guarantee of performance, and undue reliance should not be placed on such statements. The forward-looking statements included in this press release are made only as of the date hereof, and FleetCor does not undertake, and specifically disclaims, any obligation to update any such statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments.
FleetCor is a leading global provider of fuel cards and workforce payment products to businesses. FleetCors payment programs enable businesses to better 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, Latin America, Europe, Australia and New Zealand. For more information, visit www.fleetcor.com.
FleetCor Technologies, Inc.
Source: FleetCor Technologies, Inc.Copyright Business Wire 2013