NORCROSS, Ga.--(BUSINESS WIRE)--May 1, 2014--
FleetCor Technologies, Inc. (NYSE:FLT), a leading global provider of
fuel cards and workforce payment products to businesses, announced today
that it has signed definitive documents to acquire part of Shell’s fuel
card customer portfolio in Germany in order to provide more focused
services to this segment of customers. The Company has also signed a
European framework agreement which outlines a broader expansion plan
covering the potential acquisition of part of Shell’s fuel card
portfolios in up to 12 additional markets in Europe.
Under the terms of the Germany agreement, FleetCor will be responsible
for a full outsourcing arrangement for Shell’s SME fuel card customers,
including sales and marketing to specific fleet segments and processing,
servicing, and billing the customer base acquired. FleetCor will have
the exclusive rights to sell new fuel card accounts to specific fleet
segments in Germany, to further build the business.
The parties expect to complete the acquisition and begin transitioning
customer accounts in Germany this summer, with plans to move on to other
European markets later this year.
Ron Clarke, FleetCor Chairman and CEO said, “We are delighted to be
extending our relationship with Shell up the value chain to include full
outsourcing assignment for this specific segment. This transaction will
allow us to establish important new major market positions in
Continental Europe that have been difficult to access.”
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, and Australia/New
Zealand. For more information, please visit http://www.fleetcor.com.
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," "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 transaction completion and transition, and expectations
regarding the benefits to be realized. 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
implementation; fuel price and spread volatility; changes in credit risk
of customers and associated losses; the actions of regulators relating
to payment cards or resulting from investigations; failure to maintain
or renew key business relationships; failure to maintain competitive
offerings; failure to maintain or renew sources of financing; failure to
complete, or delays in completing, anticipated new partnership
arrangements or acquisitions and the failure to successfully integrate
or otherwise achieve anticipated benefits from such partnerships or
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
fueling patterns and the commercial activity of fleets, 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, 2013, filed with the Securities and Exchange Commission on
March 3, 2014. 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.
Source: FleetCor Technologies, Inc.