Wright Express Corporation today announced that it has entered into a definitive asset purchase agreement to acquire certain assets of privately held Pacific Pride Services, Inc. for approximately $32 million in cash, financed through the Company’s existing credit facility. The transaction is expected to close before the end of the first quarter of 2008.
The U.S. fleet fuel distributor channel represents an important strategic growth opportunity for Wright Express. As a result of the acquisition, Wright Express expects to increase its penetration of the distributor channel by leveraging Pacific Pride’s local market presence and brand recognition, as well as its platform and products for commercial vehicle fleets.
Pacific Pride’s franchise network encompasses over 330 independent fuel franchisees. The company’s network of independent commercial cardlock fueling sites processes approximately 32 million fleet card transactions annually. Pacific Pride was founded in 1984 and is headquartered in Salem, Oregon. More.
Wright Express To Acquire Largest U.S. Franchisee Network Of Independent Commercial Cardlock Fueling Providers
February 6, 2008 by Cris | 0 Comments
In Franchisees, Franchises, News
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