LeasePlan USA and Wheels Donlen completed their previously announced combination to create a unified fleet management business. Athene, which is part of Apollo, served as the lead investor in the transaction and is the majority shareholder of the newly combined company.

The combined company, which today manages more than 800,000 vehicles and $7 billion of assets in the United States, will be led by CEO Shlomo Crandus. Matt Dyer, who was previously CEO of LeasePlan USA, will serve as the combined company’s president and as a board member of the combined company.

“We’re excited to bring together the unique solutions, capabilities and qualities of three high-performing companies to create a best-in-class mobility management company focused on client success,” Crandus said. “We’ve always respected each other as competitors and now, in combining forces, we have a tremendous opportunity to bring an expanded set of client solutions to market.”

The combined company will offer client solutions across fleet, last-mile delivery, trucks and equipment, including greater electric vehicle and digital technology integration.

“For Athene, this transaction follows our longstanding strategy to invest in businesses with strong fundamentals, underwriting and direct origination capabilities,” Jim Belardi, CEO of Athene, said. “We are committed to the growing fleet management market and the leading role that the combined Wheels Donlen LeasePlan will play in serving the fast-evolving fleet needs. With the closing of this transaction, we look forward to more opportunities to invest in the combined company and equipping the business for long-term success.”

“I’m incredibly proud of all of our team members who have worked so diligently to establish three great fleet management companies, and I look forward to partnering together as one team to deliver a market-leading experience to all our customers,” Dyer said. “We are fundamentally committed to the success of our clients both now and in the future as, together, we shape the future for fleet management and mobility.”

The combined company, currently called Wheels Donlen LeasePlan, is expected to rebrand in Q1/23. Additionally, as part of this transaction, the combined company entered into a cooperation agreement with LeasePlan Corporation to deliver global fleet management services to both companies’ international clients. In addition, the global alliance between Wheels Donlen and ALD Automotive will continue as the combined company collaborates with ALD to serve clients in 59 countries with more than 2.7 million vehicles.

“Today, LeasePlan and Wheels Donlen have created a true leasing powerhouse in the United States,” Tex Gunning, CEO of LeasePlan Corporation, said. “Together, the combined business will have the scale and investment firepower to serve its growing customer base and accelerate the future of mobility for American drivers. We are very proud of the business we have built up in the U.S. and I would like to thank everyone for their contributions over the years. I look forward to working with the new company as we continue to serve customers through our international cooperation agreement.”