Reuters is reporting that Georgia-based FleetCor Technologies is teaming up with a group of private-equity firms to pay more than $3 billion for Brentwood-based payment processor Comdata. Fourteen-year-old FleetCor has pulled off more than 60 acquisitions and last year recorded a profit of $285 million on revenues of $895 million. The company (Ticker: FLT) has a market value of about $11 billion and employs approximately 3,500 people, 900 of them in the United States.
Comdata executives this spring said they had filed with the Securities and Exchange Commission to go public. No further details about that process have emerged since.
Caterpillar Financial Services posted a second-quarter profit of $146 million, a jump of 32 percent from a year ago, when it took a $23 million hit on currency swings. The West End-based division of equipment manufacturer Caterpillar also got a boost from a higher net yield on its assets and some growth in its total asset base to $36.5 billion.
Brentwood-based accounting firm Fox + Kolb Associates is dissolving with the looming departures of its key players to two other companies, according to partner Jan Kolb.
“It is an amicable split and we are taking our respective clients and going to other firms,” Kolb said.
Kolb and Deborah Boles will join Blankenship CPA Group, which is also based in Brentwood.
Ramona Fox will become a member (owner) at Nashville-based Kraft CPAs, effective Aug. 1 (read more here).
Fox + Kolb Associates was founded in 2007.
Launch Tennessee CEO Charlie Brock plans to in the coming year work to better connect the various angel investing groups around Tennessee. The strategy is part of the organization's fiscal 2015 workplan, detailed here by Milt Capps.
LaunchTN CEO Brock -- with his own track record as an entrepreneur, advisor and investor -- will doubtless be deeply involved in all this, with staff work led by LaunchTN Capital Formation Director Henry Gindt. Gindt's bailiwick also includes outreach to Corporate venture-capital arms, and supporting ECD's INCITE seed-funding program, in part by helping to identify follow-on investors for companies that win INCITE grants.
Real estate data firm CoreLogic says the percentage of Nashville-area home loans that are at least 90 days behind fell in May to 3.08 percent from 3.15 percent the month before and 3.95 percent in May of 2013. If recent trends hold, the delinquency rate will be well below 3 percent by summer's end and about half its number during the peak of the Great Recession.
Similarly, CoreLogic says the Nashville MSA's foreclosure rate dipped to 0.53 percent from 0.57 percent in April and 1.02 percent a year earlier. That number peaked just under 2 percent in early 2011.