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

Thursday 2nd May 2013

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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.

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