11 October 2006, Prague - Advent International, Central Europe’s longest established international private equity investor, has concluded an agreement with FleetCor Inc., whereby FleetCor acquires CCS Ceská spolecnost pro platební karty a.s. (CCS) through a cash and share transaction. The transaction enables Advent to return funds to its investors while also becoming a shareholder in Fleetcor, alongside Bain Capital and Summit Partners. Chris Mruck, Director of Advent International, will join the FleetCor board of directors.
Advent International acquired CCS, the leading provider of fuel cards and related fleet services for business in the Czech and Slovak Republics, in October 2005. Under Advent’s stewardship, CCS reinforced its management team and has implemented a new strategy to accelerate growth. CCS now employs over 200 people and anticipates billed revenues in the current year of over €600 million.
Commenting on the transaction, Advent International Director Chris Mruck says: “FleetCor is the perfect partner for CCS because it is an entrepreneurial company with big ambitions, excellent management and a strong track record of well-executed strategy. We are delighted to be continuing as shareholders in the enlarged FleetCor, bringing to it our experience of building businesses in Central and Western Europe to enhance the company’s success in the US market.”
FleetCor, a global fleet card company that recently acquired Keyfuels in the UK, has been the US’ fastest growing fuel card issuer and processor. It has been built over six years by an entrepreneurial management and aims to become the dominant global player in this sector. The company has brought innovative thinking and practices to a traditional industry in the US, which have allowed it to grow organically and by acquisition and, now, to expand internationally.
“We are pleased to welcome CCS into the FleetCor family and are eager to help CCS strengthen its market leading position in the Czech Republic and Slovakia,” said Ron Clarke, FleetCor’s Chairman and CEO. “With this acquisition, FleetCor’s European operation spans Eastern and Western Europe and, together with our new shareholder Advent, we are excited to expand our footprint even further.”
The Advent International team on CCS was led by Chris Mruck and Istvan Szoke. Advisers on the transaction were, for Advent International, Weil Gotshal and, for FleetCor, Allen & Overy, King & Spalding.