FLEETCOR Acquires Creative Lodging Solutions, a Complementary Lodging Network Provider to Businesses
November 01 2017 - 4:05PM
Business Wire
Extends CLC Lodging Business into Long-Term
Stay & Full Service Market Segments
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 nights.”
The terms of the acquisition were not disclosed.
Forward-Looking Statements
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.
About FLEETCOR
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.
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Investor Relationsinvestor@fleetcor.com770-729-2017
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