NORCROSS, Ga.--(BUSINESS WIRE)--Apr. 30, 2013--
FleetCor Technologies, Inc. (NYSE: 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. CardLink’s 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 FleetCor’s growing presence in the
region and follows its recent purchase of GE Capital’s “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 company’s activities in the region.
Ron Clarke, FleetCor’s 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 GE’s Fleet Card business in Australia last month, we will
be able to leverage FleetCor’s 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
Ben Unger, chief executive officer of Windhaven Investments and
representing the selling shareholders, said, "We believe FleetCor’s
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, FleetCor’s 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 FleetCor’s 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. FleetCor’s 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.
Source: FleetCor Technologies, Inc.
FleetCor Technologies, Inc.