Sharechat Logo

Spencer family sells Cardlink to NYSE-listed FleetCor for undisclosed sum

Thursday 2nd May 2013

Text too small?

The Spencer family, whose fortune was originally built on the Caxton paper empire, has sold its CardLink Systems fuel card programme to New York Stock Exchange-listed FleetCor Technologies for an undisclosed sum.

Norcross, Georgia-based FleetCor has added the New Zealand company a month after buying GE Capital's Australian Fleet Card business, as part of growth plans into the Asia-Pacific, it said in a statement. CardLink markets fuel cards mainly to small and medium sized businesses, and offers processing and outsourcing services to oil companies and other partners.

The terms of the deal weren't disclosed, but CardLink is expected to add 2 US cents per share, or US$1.6 million, in adjusted net income in 2013.

"The addition of CardLink to our portfolio provides a great base to develop a real presence in the Asia Pacific region," chairman and chief executive Ron Clarke said. "This operating base will create the presence to potentially help our global oil partners in the region."

Auckland-based CardLink was set up in 1984, starting in fuel card management and full charge card facilities, total fleet management, taxi management systems, and complex loyalty operations, according to its website. The company was ultimately owned by the Spencer family's Clime Group before the sale.

Ben Unger, chief executive of Windhaven Investments and a representative for the Spencers, said the deal will help CardLink "advance to the next stage of its development."

Last year the Spencer Family Group helped launch new fund manager Richmond Investment Management with former Fisher Funds chief investment officer Warren Couillault.

Shares in FleetCor fell 2.6 percent to US$74.90 in New York, having surged 94 percent in the past 12 months.

NOTE: please be advised to read full articles from Business Desk Website, you will have to pay a subscription fee on their website.

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar holds gains on improved dairy, bank capital outlook
MARKET CLOSE: NZ shares gain; banks rally on Reserve Bank capital decision
NZ dollar rises; bank capital rules less harsh than expected
RBNZ relaxes capital requirements, allows preference shares, extends phase-in
NZ dollar extends gain amid mixed US data, possible trade progress
MARKET CLOSE: NZ shares dip on eve of major regulatory decisions
NZ dollar sees off global headwinds, holds above 65 US cents
NZ dollar holds above 65 US cents; dairy auction prices mixed
Dairy index falls on weaker butter, milk fat demand
MARKET CLOSE: NZ shares join global decline; US tariff move weighs on exporters

IRG See IRG research reports