Marubeni and Lithia Make Strategic Investment in Wheels, Partnering with Apollo Funds

Wheels, a fleet management company in North America, received a significant minority investment from Marubeni and Lithia & Driveway. The strategic investment aligns Wheels with notable players in the mobility space as it continues to innovate, building upon its best-in-class product offerings to corporate clients.

As an investor in Wheels in partnership with Apollo-managed funds focused on origination platforms and asset-backed finance strategies, Marubeni enables further access to diversified funding channels through its longstanding relationships in Japan.

“We are excited to receive the backing of two highly sophisticated investors. Our clients are always at the heart of everything we do, and that will continue as we innovate and grow with Marubeni and Lithia,” Shlomo Crandus, CEO of Wheels, said. “While Wheels operates as a fleet management company today, the legacy business began in 1939 from an auto dealership, so we have a deep appreciation for the world-class business that Lithia has built and its dedication to customer satisfaction. We look forward to the strategic partnership and collaborative thinking with both Marubeni and Lithia.”

The transaction is expected to close in Q3/24, subject to customary closing conditions.

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