SunTrust Banks Inc. of Atlanta has sold its vehicle fleet management unit, TransPlatinum Service, to an investor group led by the unit's managers, the buyers announced Tuesday.
The private-equity firm LLR Partners of Philadelphia said that it and FT Ventures of San Francisco would retain the current management team. The firms did not disclose the price.
The private-equity firms have formed Fleet One Holdings LLC to house the unit's operations. Fleet One offers fuel charge cards and fleet management information services to more than 20,000 vehicle fleets. SunTrust acquired the business when it bought National Commerce Financial Corp. of Memphis in 2004.
SunTrust, squeezed by the credit crisis, has been cutting costs and jobs. In April it said it would tap its stake in Coca-Cola Co. of Atlanta to raise about $1 billion of capital.