Extends CLC Lodging Business into Long-Term Stay & Full Service Market Segments
PEACHTREE CORNERS, Ga.--(BUSINESS WIRE)-- 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.
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.
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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Source: FLEETCOR Technologies, Inc.