Wright Express buys Tenn. fuel card firm
The South Portland-based Wright Express Corp. has made another in a series of acquisitions, picking up the fuel card and fleet management company Fleet One.
The $369 million cash deal will give the Maine payment processing firm access to the Tennessee-based Fleet One's roster of 210,000 active fuel cards and range of services the company provides for companies operating local trucking fleets, according to a press release.
CEO Michael Dubyak said in a press release that the acquisition will let Wright Express have an "immediate presence in the heavy truck market" in both the U.S. and Canada.
News of the sale led to a stock surge for the company (WXS), rising by $5.40 to a share price of $72.25, according to NASDAQ as of this morning.
Just last week, the company acquired the Brazilian payroll card company, UNIK, for $21.9 million. That move followed a string of acquisitions in recent years for the 900-employee Wright Express. In May, Wright Express acquired the London-based CorporatePay in a $27.5 million deal. In another foreign venture, the company purchased the Australian assets of Retail Decisions for $318 million in September of 2010. The company also acquired a Tampa, Fla.-based payroll card provider, rapid! PayCard, for an undisclosed amount in April of 2011.
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