Merchants Fleet announced a major expansion of its lending capacity, more than doubling its ability to fund vehicles and equipment for its traditional fleet and mobility clients throughout the country.
According to a release, the new lending capacity aligns Merchants with the global market of the commercial vehicle and equipment leasing industry. 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, as well as invest in continued growth.
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 noted that it is now positioned for major growth opportunities in all key areas of its portfolio including:
- Electric vehicles (EVs).
- Charging infrastructure.
The company manages more than 175,000 vehicles throughout North America on behalf of some of the largest brands in the world and continues to drive fleet electrification with 40,000 electric vehicles reserved, and $2.5 billion committed toward 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 US Diversified Industries Coverage for BNP Paribas. “We look forward to supporting the company as it expands its fleet and fleet offering across North America.”
In other recent news, in July 2022, Bain Capital and ADIA announced the acquisition of Merchants Fleet. The acquisition was completed in October 2022. Merchants will continue to operate independently. The members of the Merchants leadership team will remain in their current roles and will be co-investors in the business.
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