WFS bought the payments company in 2013. File Image / Pixabay
Fuel supplier World Fuel Services has sold its payment platform unit Multi Service, the company said Thursday.
The company has sold the business to New York-based private equity firm Corsair Capital for about $350 million, it said in a statement on its website.
WFS bought the company for $137 million in 2013.
Multi Service is a fuel card and payments company originally designed to help the commercial trucking industry, but which was diversified into the jet fuel and bunker markets as well.
Multi Service has significant inroads into fuel supply to the US military, and selling the unit may see some of this business moving away from WFS.