WEX Inc. plans to sell an Oregon-based subsidiary that it says no longer fits into the company’s business model.
The South Portland-based corporate payment-processing firm said in a quarterly financial report filed Wednesday with the U.S. Securities and Exchange Commission that it planned to sell Pacific Pride Services LLC, a franchise-based chain of fueling stations for commercial fleets, for $50 million, which represents a pre-tax gain of $29 million. No specific sale date or buyer has been announced.
WEX purchased the privately held company for about $32 million cash in the first quarter of 2008.
Paicific Pride has about 1,300 stations in North America, which can be accessed with a company-issued key card. It also offers its own payment cards to commercial fleets.
WEX intends to concentrate growth in travel and heath care sectors, building on its foundation in serving fleet vehicle operators.
This story was corrected from an earlier version to reflect the correct purchase price.