Reuters' peHUB is reporting that private equity firms are fighting for Stored Value Solutions, the gift card and prepaid card subsidiary of Brentwood-based transaction processor Comdata, in an auction that could bring in more than $600 million. Stored Value Solutions, which is based in Louisville, has annual sales of about $90 million and will not make the move with Comdata into the world of Fleetcor, which last summer said it would pay more than $3 billion for Comdata. Sources have told peHUB that Barclays is managing the auction, which has entered its second round.
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.
Milwaukee-based Quick Fuel has signed on with Comdata to add the Brentwood-based company's fuel site controller and radio frequency identification technologies to its fuel card system. The deal adds more than 50 automated fuel stations to Comdata's network.
Electronic payments processor Comdata has teamed up with a North Carolina company that automates invoices and other accounts payable processes. Combined, the companies say they can offer clients savings of up to 60 percent on their processing costs.
POSTDATA: WARRANTY DEEDS