AllStar is a Leading Fuel Card Provider in the UK
ATLANTA--(BUSINESS WIRE)--Dec. 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).
AllStar’s 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 FleetCor’s 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, FleetCor’s chairman and chief executive officer and Eric
Dey, FleetCor’s chief financial officer, will host a conference call
December 13, 2011 at 11:00am ET to discuss FleetCor’s acquisition. A
live webcast of this conference call will be available at the Investor
Relations section of FleetCor’s 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 FleetCor’s 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, FleetCor’s
future financial and operating results, benefits of the transactions,
future opportunities for the combined company, and any other statements
about FleetCor or AllStar management’s future expectations, beliefs,
goals, plans or prospects. 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. 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 FleetCor’s 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 FleetCor’s 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. FleetCor's 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 employee’s
mobility and outsource the risks associated with fleet management.
Expert advice and service quality, which are the foundations of Arval’s
customer promise, are delivered in 22 countries by over 4,000 employees,
and in 12 other countries through its network of partners. Arval’s 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 & Poor's.
Source: FleetCor Technologies, Inc.
For FleetCor
Investor Relations, 770-729-2017
investor@fleetcor.com