April 18, 2014 11:30 AM, EDT

Warburg Pincus Agrees to Buy EFS

Daniel Acker/Bloomberg News

Private-equity firm Warburg Pincus announced an agreement to acquire Electronic Funds Source, which provides fuel card and other fleet-payment services.

The price of the acquisition from investors, including First Data Transportation Services Inc., CTP Holdings and FJ Management Inc., was not disclosed. Warburg Pincus said it expects to complete the deal later this quarter.

“This transaction enables us to move forward as an independent company and focus on a wide variety of opportunities for growth to benefit our customers,” said Scott Phillips, CEO of EFS, which is based in Nashville, Tenn.

EFS acquired fuel card vendor T-Chek from C.H. Robinson Worldwide Inc. in late 2012.