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Wed, Mar 02, 2005

Engaged To Be Married: US Bank & Multi Service

US Bank Expands Fleet Service With Corporate Aviation Fuel Card

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," O'Connell added.

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 Netherlands.

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.

FMI: www.usbank.com, http://multiservice.com

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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.

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