US Bank Expands Fleet Service With Corporate Aviation Fuel
US Bank, a subsidiary
of US Bancorp, says it has agreed to purchase the aviation business
of Multi Service, a Kansas-based provider of aviation and trucking
credit card services. Approximately 100 Multi Service staff members
will become employees of US Bank as part of the acquisition.
Financial terms of the agreement were not disclosed.
"There's a tremendous amount of opportunity and synergy here for
US Bank," said Robert Abele, executive vice president for US Bank
Corporate Payment Systems. "We are excited to expand our commercial
payment solutions into the aviation space. Together with our US
Bank Voyager Fleet Systems' capabilities, we now have an
unparalleled capacity to service fleets of any size, including
automobiles, trucks and now, non-commercial aircraft.
"From a strategic perspective, Multi Service has done a superb
job of building its brand as both a card issuer and acquirer,"
added Abele. "They have done an outstanding job growing this market
segment and delivering quality products and services to their
customers, and we will continue to see these efforts grow with this
acquisition. In addition, there will be a great opportunity to
introduce our entire suite of payment products and services to
Multi Service's customers and provide Multi Service aviation
products to our existing clientele."
Abele also noted that US Bank's first priority will be to ensure
a smooth transition and integration process. As part of this
process Abele stated that there will be no disruption to the
current Multi Service customer base.
"This is an exciting day for Multi Service Corporation and a
fantastic opportunity for us to combine our resources and expertise
with a recognized payment leader in US Bank," said Multi Service
president, Mark O'Connell. "US Bank shares in our commitment and
assurance that customers will continue to receive both the quality
and level of service that they have enjoyed in the past--from the
very same individuals.
"We expect the acquisition by US Bank to have some real
advantages for employees, customers, partners and merchants,"
Multi Service Corp. was established in 1978 to provide
specialized credit-card services to the trucking industry,
expanding to the aviation industry in 1980. The Multi Service Card
is the most widely used corporate aviation card in the world.
Headquartered in Overland Park, Kan., a suburb of Kansas City, the
company also has offices in Australia, Mexico and The
Multi Service's core business is customized
transaction-processing programs and specialized web software. The
private company also provides processing services for toll road and
tunnel authorities in Europe, Fleet Card services for over-the-road
vehicles, and consolidated billing and reporting services for
after-market parts in the trucking industry.