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FT Partners Advises Fleet One on its $369mm Cash Sale to Wright Express

Overview of Transaction
  • On September 5, 2012, Fleet One announced its $369mm cash sale to WEX (NYSE: WEX), formerly known as Wright Express
  • Fleet One, a portfolio company of LLR Partners and FTV Capital, is a leading provider of fuel cards and fleet management services available at more than 60,000 fuel and maintenance locations throughout the U.S.
  • WEX is a global provider of value-based business payment processing and information management solutions with operations in six countries
Significance of Transaction
  • Represents the combination of two of the leading providers of fuel cards
  • High-profile transaction with significant interest from leading strategic partners and private equity firms
  • Achieves highly-attractive outcome for both Fleet One and WEX
  • Fleet One able to monetize ownership at a strong valuation while combining with a preferred partner in the fuel card space
  • WEX able to gain control of a leading competitor within the fuel card industry and recognize meaningful synergies
  • Expands WEX’s offering with the addition of Fleet One's industry-leading Over-the-Road and Local platforms
FT Partners' Role
  • FT Partners served as exclusive strategic and financial advisor to Fleet One and its Board of Directors
  • FT Partners developed a detailed and comprehensive set of marketing materials and financial analyses to highlight the unique value of Fleet One and help navigate a thorough investor diligence process
  • Transaction highlights FT Partners' continued success in achieving highly attractive outcomes for leading payments processing and financial technology firms