PROVIDENCE – Nautic Partners LLC has sold portfolio company CLC Group Inc., a Witchita, Kan.-based lodging-services provider, to FleetCor Technologies for an undisclosed sum.
“We are thankful to have partnered with the entire CLC team over the past five years,” Brad Wightman, a managing director of Nautic Partners, said in a statement yesterday afternoon. “The company’s compelling value proposition as an outsourced provider of complex vendor-management solutions has enabled it to grow substantially during this period.”
The equity firm said it expects to realize a four-fold return on its CLC investment. “We are pleased that this transaction will deliver a significant return for our limited partners in this challenging economic environment,” said Habib Gorgi, another managing director of Nautic Partners.
CLC serves more than 10,000 large and small business clients nationwide, who purchase more than 8 million room nights per year through the company’s proprietary network of 12,000 hotels. Clients typically report savings of 25 to 40 percent on total lodging expenses, after hotel-rate and administrative expense reductions. The company also provides emergency lodging services and payment processing services to the federal government.
“Under the Nautic stewardship, CLC has doubled the size of its work force and expanded its reach into new business and government markets all without losing its focus on superior customer service,” said CEO George Hansen, adding: “This performance is among the many things that attracted FleetCor to CLC.”
Oppenheimer & Co. Inc. acted as Nautic Partners’ financial adviser for the transaction, while Edwards Angell Palmer & Dodge served as legal counsel.
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Nautic Partners LLC, founded in 1986, is a middle-market private equity firm focusing on business services, manufacturing, health care and communications, with more than $2.5 billion under management. Additional information can be found at www.nautic.com.
CLC Group Inc. is a provider of lodging services and payment processing to the federal government and more than 10,000 business clients nationwide. For more information, go to www.CorpLodging.com.
FleetCor, The Global Fleet Card Company, is a leader in the management and processing of commercial fuel cards – under names including CCS, CFN, FleetNet, Fuelman, The Fuelcard Company, Keyfuels, Mannatec and Smart – serving more than 750,000 businesses with fuel-card programs in North America, Europe, Asia and Africa. It is privately owned by FleetCor management and a group of private equity firms led by Bain Capital Partners LLC, Summit Partners and Advent International. For more information, go to www.FleetCor.com.
