International fuel card provider FleetCor has agreed USD100m of Series E equity financing in conjunction with its recent acquisition of Corporate Lodging Consultants.
International fuel card provider FleetCor has agreed USD100m of Series E equity financing in conjunction with its recent acquisition of Corporate Lodging Consultants.
The financing was led by Summit Partners, FleetCor’s majority shareholder since 2002, and included many of the company’s existing investors such as Advantage Capital and Advent International. FleetCor also welcomed three new investors in Nautic Partners, HarbourVest Partners, and Performance Equity Management.
‘It’s a great feeling to have our existing private equity investors ‘double down’ on our business, and terrific to add three new investors who can potentially finance future transactions,’ says Ron Clarke, FleetCor’s chairman and chief executive.
‘We are pleased to invest in Ron and his management team once again, and we believe in backing our winners,’ says Bruce Evans, managing director of Summit Partners (pictured). ‘The CLC investment thesis is compelling on its own, and goes a long way to diversify and reposition FleetCor beyond fuel cards.’
FleetCor is active internationally in managing and processing commercial fuel cards, which save businesses money on their fuel purchases while bringing incremental business to fuel merchants. FleetCor serves over 750,000 businesses with its fleet card programs in North America, Europe, Asia and Africa.
FleetCor’s card programmes are marketed under a variety of brand names including: CCS, CFN, FleetNet, Fuelman, The Fuelcard Company, Keyfuels, Mannatec and Smart. FleetCor and its subsidiaries employ more than 1,000 associates located in 15 offices globally.
