LLR Partners and FTVentures have sponsored an acquisition of TransPlatinum Services Inc., the holding company for Fleet One, from SunTrust Banks Inc. No financial terms were disclosed.
Fleet One provides fuel charge cards and fleet management information services. It was acquired by SunTrust in 2004 as part of its National Commerce Financial merger.
Fleet One Holdings LLC, an affiliate funded by LLR Partners, FTVentures and the Fleet One management team, announced today that it has acquired TransPlatinum Service, the holding company for Fleet One and a wholly-owned subsidiary of SunTrust Banks, Inc. (NYSE: STI).
With a national customer base of over 20,000 fleets, and products accepted at over 40,000 locations across the country, Fleet One is a provider of fuel charge cards and fleet management information services to all vehicle classes. Following this acquisition, the current management team of Fleet One will continue to manage and grow the company’s products and services.
“We are excited to grow Fleet One as an independent business,” said Andy Roberts, CEO of Fleet One. “With the support of LLR Partners and FTVentures as investment partners, we are well positioned to provide best-in-class value and service to our growing customer base.”
Fleet One was acquired by SunTrust in 2004 as part of its National Commerce Financial merger. The unit has operated as a separate business since then.
“This transaction reflects SunTrust’s ongoing priority of managing our business mix to ensure concentrated focus on our key client and market segments,” noted SunTrust Executive Vice President David Fuller. “We are pleased that under this new structure Fleet One and its management team will be positioned to maintain their successful growth trajectory; we look forward to a continuing business relationship with them.”
“LLR Partners and FTVentures have a long history with the management team at Fleet One,” said Mitchell Hollin, a partner of LLR Partners and Chairman of Fleet One Holding, LLC. “Acquiring Fleet One was a compelling opportunity because of its strong growth dynamics and attractive market position.”
“Fleet One’s proven management team and unique service offering, which spans all fleet classes, strongly position the company to achieve its expansion goals,” said Richard Garman, Managing Partner of FTVentures. “We look forward to partnering with Fleet One and leveraging our extensive domain expertise in transaction processing services to help the company capitalize on its strong momentum in the coming years.”
Financial terms of the acquisition were not announced.
About LLR Partners
LLR Partners, a leading private equity firm based in Philadelphia, Pennsylvania, provides capital to middle market growth companies with proven business models in a broad range of industries. With over $1.4 billion under management, LLR is flexible in its approach, investing up to $75 million, taking minority or control positions, and leading transactions ranging from expansion and growth capital to shareholder recapitalizations and buyouts. For more information about LLR Partners please visit www.llrpartners.com.
FTVentures provides growth capital to companies seeking to finance organic expansion, recapitalizations, build-ups and buyouts. The firm invests in software and business services companies that derive value from its unmatched Global Partner Network, which includes many of the world’s leading financial institutions. FTVentures’ Global Partner Network provides the firm with a unique vantage point into the business driven IT and operating challenges of the global enterprise. Founded in 1998, FTVentures currently has over $1 billion under management and offices in San Francisco and New York. For more information, please visit www.ftventures.com.
About SunTrust Banks, Inc.
SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation’s largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of June 30, 2008, SunTrust had total assets of $177.4 billion and total deposits of $119.8 billion. The Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic States and a full array of technology-based, 24-hour delivery channels. The Company also serves customers in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the Company provides mortgage banking, insurance, brokerage, investment management, equipment leasing and capital markets services. SunTrust’s Internet address is suntrust.com.