Extends CLC Lodging Business into Long-Term Stay & Full Service
PEACHTREE CORNERS, Ga.--(BUSINESS WIRE)--Nov. 1, 2017--
FLEETCOR Technologies, Inc. (NYSE:FLT), a leading global provider of
commercial payment solutions, announced today that it has acquired
Creative Lodging Solutions (“CLS”).
CLS, founded in 2002 and based in Lexington, KY, is a leading lodging
provider to businesses with long-term stay travel needs. CLS has
successfully served a growing list of clients through a travel
management approach which combines discounted rate and policy controls
with simplified billing, payment, and reporting.
“Serving new market segments has been a growth focus for our CLC Lodging
business, primarily through accommodating different stay patterns and
hotel booking methods,” said Ron Clarke, chairman and chief executive
officer of FLEETCOR Technologies, Inc. “We like the strategic fit with
CLS. They focus on slightly different clients with full service,
long-term stay requirements, typically stays greater than five nights.
FLEETCOR, via CLC Lodging, has typically served clients’ short-term
lodging needs, primarily through a self-service booking model. Both
client sets have overlapping lodging needs, therefore we expect the
acquisition to strengthen our hotel network through increased room
The terms of the acquisition were not disclosed.
This press release contains forward-looking statements within the
meaning of the federal securities laws. Statements that are not
historical facts, including statements about FleetCor's beliefs,
expectations and future performance, are forward-looking statements.
Forward-looking statements can be identified by the use of words such as
"anticipate," "intend," "believe," "estimate," "plan," "seek,"
"project," "expect," "may," "will," "would," "could" or "should," the
negative of these terms or other comparable terminology. Examples of
forward-looking statements in this press release include statements
relating to the anticipated consummation of the acquisition, its
accretiveness to earnings, operating synergies, its impact on future
opportunities and long-term grown in domestic, international, and
cross-border payments, and the impact on our liquidity. These
forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially from
those contained in any forward-looking statement, such as failure to
complete, or delays in completing, this acquisition or other anticipated
new partnership arrangements or acquisitions; failure to successfully
integrate or otherwise achieve anticipated benefits from this
acquisition or other partnerships or acquired businesses; the impact of
foreign exchange rates on acquisition prices, operations, revenue and
income; changes in credit risk of customers and associated losses; the
actions of regulators relating to domestic or international payments or
resulting from investigations; failure to maintain or renew key business
relationships; failure to maintain competitive offerings; failure to
maintain or renew sources of financing; the effects of general economic
conditions on domestic or international payments, as well as the other
risks and uncertainties identified under the caption "Risk Factors" in
FleetCor's Annual Report on Form 10-K for the year ended December 31,
2016, filed with the Securities and Exchange Commission on March 1,
2017. FleetCor believes these forward-looking statements are reasonable;
however, forward-looking statements are not a guarantee of performance,
and undue reliance should not be placed on such statements. The
forward-looking statements included in this press release are made only
as of the date hereof, and FleetCor does not undertake, and specifically
disclaims, any obligation to update any such statements or to publicly
announce the results of any revisions to any of such statements to
reflect future events or developments.
FLEETCOR Technologies (NYSE:FLT) is a leading global provider of
commercial payment solutions. The company helps businesses of all sizes
better control, simplify and secure payment of their fuel, toll, lodging
and general payables. With its proprietary payment
networks, FLEETCOR provides affiliated merchants with incremental sales
and loyalty. FLEETCOR serves businesses, partners and merchants in North
America, Latin America, Europe, and Australasia. For more information,
please visit www.FLEETCOR.com.
About Creative Lodging Services
Creative Lodging Services, based in Lexington, KY, is a leading provider
of bespoke lodging travel management and payment. As a trusted partner
for 15 years, CLS solutions allow clients across the US to better
control travel expenses by combining discounted rate and policy controls
with simplified billing, payment, and reporting. . For more information,
please visit www.yourcls.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171101006720/en/
Source: FLEETCOR Technologies, Inc.