Merchants Fleet, a fleet management company, expanded its lending capacity, more than doubling its ability to fund vehicles and equipment for its fleet and mobility clients throughout the United States.
The new lending capacity aligns Merchants with the global market of the commercial vehicle and equipment leasing industry. The move comes on the heels of Merchants’ announcement that it was acquired by a new ownership group consisting 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 enables the company to access capital to lease vehicles and equipment for clients and to invest in continued growth. Merchants has established two separate financing warehouse facilities as it continues to evolve and 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,” Brendan P. Keegan, chairman, CEO and president of Merchants Fleet, said. “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 manages more than 175,000 vehicles throughout North America and has 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,” Andrew Strait, head of U.S. diversified industries coverage for BNP Paribas, said. “We look forward to supporting the company as it expands its fleet and fleet offering across North America.”
