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TheStreet Open House

Fleetcor Technologies CEO Hosts AllStar Business Solutions Acquisition (Transcript)

Stocks in this article: FLT

These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Some of those risks are mentioned in our press release and our 8-K filed with the Securities and Exchange Commission. In addition, during the course of the conference call, we may make reference to non-GAAP financial information including adjusted revenues and adjusted net income. This information is not kept with GAAP and maybe calculated differently than other companies similarly titles non-GAAP information. Quantitative reconciliations of our historical non-GAAP financial information to the most directly comparable GAAP financial information are included in our filings with the SEC, which are also available through our website.

With that out of the way, I would like to turn the call over to Ron Clarke, our Chairman and CEO. Ron?

Ron Clarke

Thanks, Eric and thanks to everyone for joining the call this morning. I am really delighted to confirm our acquisition of AllStar and to welcome the AllStar team to the Fleetcor family. We are also very appreciative of Arval and BNP for giving us the opportunity to acquire such a terrific business.

So, now on to the announcement. Yesterday, we closed on a 100% of the share capital of AllStar Business Solutions Group for £194 million in an all cash deal and although we have done 40 deals since our founding this is the single largest deal in our company’s history. So what I would like to do is cover three subjects related to this transaction. First, a brief overview of the AllStar business, second the strategic rationale for the deal and finally the financial considerations.

So let me start with a brief overview of AllStar. AllStar is a large but very focused fuel card provider. It’s a pure play commercial fuel card company namely serving U.K. based businesses of all sizes along with some meaningful strategic partners like Arval. The company has approximately 40,000 business customers and nearly 1 million card holders and AllStar’s acceptance network includes all major U.K. fuel brands.

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