Arval UK has announced the sale of AllStar Business Solutions to FleetCor Technologies, an independent global fleet card provider, for £194m.
AllStar is the UK fuel card business subsidiary of Arval, a wholly owned subsidiary of BNP Paribas, which was inherited from a 2000 acquisition.
In addition to providing FleetCor with a strong presence in the UK market, the transaction includes a commercial agreement between the two companies for at least the next five years.
As a result, Arval will continue to provide fuel management solutions as part of its fleet management offer and the companies will work together to deliver fuel products and services to its customer base.
“We believe that this sale is a positive move for AllStar employees, partners and customers. FleetCor brings global fuel card expertise, best practices and experience to AllStar, which, we believe, will enable us to improve the products and services available to its customers,” said Andrew Blazye, chief executive officer, FleetCor Europe.
The transaction was simultaneously signed and completed on December 13, 2011.
Bart Beckers, general manager of Arval UK, said: “We believe that this sale is a very positive move for AllStar employees, partners and customers.
“FleetCor provides global expertise, scale, best practises and experience in the fuel card market. By working with them over the coming years, we expect our fuel management products and services to be enhanced further which will benefit our customers.”
For further analysis, see next week's Fleet Digest and the January 5th edition of Fleet News.