Merchants Fleet Expands Funding Group, Raises Funding Capacity to $2 Billion to Lease Additional Vehicles & Equipment
Merchants Fleet (“the Company”), the nation’s fastest growing fleet management company, today announced a major expansion of its core member funding group to include some of the top banks in the world, enabling the Company to access $2 billion of capacity to lease vehicles and equipment for clients as well as invest in continued growth. The new group of banks and investors is led by French international banking group BNP Paribas who along with Merchants’ lead equity partner Bain Capital Credit, represents over $20 Trillion in assets.
“As we continue to expand into new markets, it is important that we align with the right financial partners who share our strategic vision,” said Brendan P. Keegan, CEO of Merchants Fleet. “After receiving bids from some of the largest and most respected banks in the world, we selected BNP Paribas as our lead financial partner and collateral agent and are very excited to welcome other new partners into the group. We are proud to have these powerful institutions in our corner as we continue our trajectory as the fastest-growing fleet management company in North America.”
Merchants Fleet is positioned to seize major growth opportunities in all key areas of its portfolio including fleet, mobility, electric vehicles (EVs) and charging infrastructure. The Company manages more than 150,000 vehicles throughout North America on behalf of some of the largest brands in the world. Merchants Fleet is set to register its strongest year ever in 2021, more than doubling its 2020 results, and is poised for continued growth in the coming year as it partners with an extensive ecosystem of EV experts to support fleets across the nation as they move forward with plans for electrification. The expanded funding capacity will enable Merchants Fleet to continue to fulfill funding requests while investing in the latest fleet technology.
“BNP Paribas continues to be a strategic partner to Merchants Fleet on this next phase of its growth ambitions,” said Andrew Strait, Head of US Diversified Industries Coverage for BNP Paribas. “We look forward to supporting the company on its expansion as fleet electrification and charging infrastructure will be a key part of our transition to a more sustainable economy.”
