v2.4.1.9
Sale of Subsidiary
 12 Months Ended
Dec. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]  
Sale of Subsidiary
4.
Sale of Subsidiary

On July 29, 2014, the Company sold its wholly-owned subsidiary Pacific Pride for $49,664, which resulted in a pre-tax gain of $27,490. The transfer of the operations of Pacific Pride occurred on July 31, 2014. The Company decided to sell the operations of Pacific Pride as it did not align with the long-term strategy of the core fleet business. The operations of Pacific Pride were not material to the Company's annual revenue, net income or earnings per share. Simultaneously with the sale, the Company entered into a multi-year agreement with the buyer that will continue to allow WEX branded card acceptance at Pacific Pride locations. The Company does not view this divestiture as a strategic shift in its Fleet Payment Solution segment.

The following is a summary of the allocation of the assets and liabilities sold: 
Consideration received
$
49,664

Less:
 
Expenses associated with the sale
1,340

Accounts receivable
48,699

Accounts payable
(53,001
)
Other tangible assets and liabilities, net
828

Customer relationships
3,727

Trademarks and trade name
1,444

Goodwill
19,137

Gain on sale
$
27,490