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Leading Australian Fleet and Prepaid Card Provider
Transaction Expands International Footprint, Diversifies Revenue,
and Provides Immediate Earnings Accretion
SOUTH PORTLAND, Maine, Sep 15, 2010 (BUSINESS WIRE) -- Wright
Express Corporation (NYSE: WXS) today announced that it has
completed the previously announced acquisition of the Australian
assets of Retail Decisions consisting of its fleet and prepaid card
businesses from Palamon Capital Partners, a private equity firm,
and its co-investors Morgan Stanley Alternative Investment Partners
and AlpInvest Partners.
With the closing of the transaction, Wright Express will advance
its long-term vision of providing both payment processing and card
issuance services internationally. In addition, the acquisition
furthers the company's strategy of expanding its footprint in key
international markets and diversifying its revenue.
"We believe this transaction builds on our existing strategy in
Europe and the Asia Pacific region where we have been pursuing
opportunities as a private label fleet card processor for major oil
companies," said Michael Dubyak, chairman and chief executive
officer of Wright Express. "We are acquiring two highly profitable
and well-run businesses, each of which is a leader in its
respective market within Australia. In addition, both Sue Hando,
managing director for ReD Prepaid and David Howell, managing
director for ReD Fuel cards, bring a wealth of expertise in their
respective industries, and both will play a key role in driving
growth for our combined company."
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