WEX to acquire Pacific Pride card lock chain

摘要

Wright Express is to acquire long-time cardlock company Pacific Pride in a move that will allow it to expand its share of the jobber market, particularly in western states. The deal is expected to close before the end of the first quarter at the negotiated price of $32 million cash.rnPacific Pride has more than 330 fuel franchisees in its network, and does most of its business with fleets on a cost-plus basis, sources say. It handled approximately 32 million fleet card transactions last year at just over 1,000 Pacific Pride sites in the U.S. and Canada. Total revenue was $7 million, with about 80% of the top line coming from transaction fees.