Fleet Logistics in Management Buyout
BRUSSELS – Fleet Logistics' senior management's decision to buy out the company from owner Frank Consolidated Enterprises, Inc. (FCE) is a clear message of their confidence in the company as a recession-proof business, according to Fleet Europe magazine. The former owner, FCE, is also the parent holding company of U.S.-based Wheels, Inc., one of America's largest vehicle leasing and fleet management companies.
Under Peter Soliman's stewardship, Fleet Logistics has seen significant growth across Europe in the last three years. "However, despite our success, one of the most common objections in the European marketplace to the Fleet Logistics business model has been that the ownership by a 'competing leasing company,' albeit one that is U.S.-based, compromises our ability to be truly objective and independent," said Soliman.
"To clearly address this misconception, as we will never be a leasing company, we have completed a management buyout of Fleet Logistics from Wheels' parent company, FCE. This MBO demonstrates the commitment and confidence that the entire management team has in the business model.
"This change in ownership offers all current and future clients, the requisite independence to manage their fleets with unquestionable objectivity, whilst allowing Fleet Logistics to continue to enjoy sustained growth and take the business to the next level of planned expansion," he said.
Fleet Logistics, with headquarters near Brussels and offices in most major European countries, provides a range of fleet management services, including fleet procurement, strategic sourcing, and business process outsourcing to large corporations such as Hewlett Packard, Microsoft, and Nestle. It manages in excess of 65,000 customer vehicles.