FleetCor, a Norcross, Ga.-based provider of branded fuel cards, has raised $100 million in Series E funding. The round was raised in conjunction with FleetCor’s recent acquisition of CLC Group Inc., a Wichita, Kansas-based provider of lodging management programs to businesses. Summit Partners led the round, and was joined by fellow return backers Advantage Capital and Advent International. New participants included Nautic Partners (prior owner of CLC), HarbourVest Partners and Performance Equity Management.
FleetCor, The Global Fleet Card Company, announced today that it closed $100 million of Series E equity financing in conjunction with its recent acquisition of Corporate Lodging Consultants (CLC).
The financing was led by Summit Partners, FleetCor’s majority shareholder since 2002, and included many of the company’s existing investors such as Advantage Capital and Advent International. As part of the equity raise, FleetCor also welcomed three new investors to the company: Nautic Partners, HarbourVest Partners, and Performance Equity Management.
“It’s a great feeling to have our existing private equity investors ‘double down’ on our business, and terrific to add three new investors who can potentially finance future transactions,” said Ron Clarke, FleetCor’s Chairman and CEO.
“We are pleased to invest in Ron and his management team once again, and we believe in backing our winners,” said Bruce Evans, Managing Director of Summit Partners. “The CLC investment thesis is compelling on its own, and goes a long way to diversify and reposition FleetCor beyond fuel cards.”
FleetCor (http://www.fleetcor.com), The Global Fleet Card Company, is the worldwide leader in managing and processing commercial fuel cards, which save businesses money on their fuel purchases while bringing incremental business to fuel merchants. FleetCor serves over 750,000 businesses with its fleet card programs in North America, Europe, Asia and Africa. FleetCor’s card programs are marketed under a variety of brand names including: CCS, CFN, FleetNet, Fuelman, The Fuelcard Company, Keyfuels, Mannatec and Smart. FleetCor and its subsidiaries employ more than 1,000 associates located in 15 offices globally. FleetCor is privately owned by management, and a group of institutional private equity investors including Bain Capital, Summit Partners, Advent International, Advantage Capital, Nautic Partners, HarbourVest Partners, and Performance Equity Management.