Merchants Fleet announced a major expansion of its lending capacity today, which more than doubles its ability to fund vehicles and equipment for its fleet and mobility clients throughout the country.
The new lending capacity aligns Merchants with the global market of the commercial vehicle and equipment leasing industry, according to the company's statement. The announcement comes on the heels of Merchants’ acquisition by a new ownership group of Bain Capital, Abu Dhabi Investment Authority (ADIA), and members of the Merchants executive leadership team in October 2022.
Led by French international banking group BNP Paribas, Merchants’ core member funding group includes some of the top banks in the world, enabling the company to access capital to lease vehicles and equipment for clients of a larger scale and invest in continued growth. Additionally, Merchants has established two separate, significant financing warehouse facilities as it continues to evolve and successfully execute on its long-term capital strategy.
“We are excited for what this capital expansion means for our company, and for our clients who rely on us to help keep their businesses running,” said Brendan P. Keegan, chairman, CEO and president of Merchants Fleet. “As we expand into new markets, these new financing facilities will allow us to broaden our reach as we remain the fastest-growing fleet management company in North America.”
Merchants said it is prepared to seize growth opportunities in all areas of its portfolio, including fleet, mobility, electric vehicles, and charging infrastructure. The company manages more than 175,000 vehicles throughout North America with 40,000 electric vehicles reserved and $2.5 billion committed to fleet electrification and sustainability.
“BNP Paribas is pleased to continue its strategic partnership with Merchants Fleet as it embarks on its next phase of growth,” said Andrew Strait, head of U.S. diversified industries coverage for BNP Paribas. “We look forward to supporting the company as it expands its fleet and fleet offering across North America.”
Originally posted on Automotive Fleet