Merchants Fleet 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 and invest in its own growth.
The new group of banks and investors is led by 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.”
In the announcement, Merchants Fleet added that the company is positioned to seize growth opportunities in all areas of its portfolio, including fleet, mobility, electric vehicles (EVs), and charging infrastructure. The company currently manages more than 150,000 vehicles throughout North America.Compared to its 2020 results, this year has mopre than doubled its numbers, and Merchants says it is poised to partner with an extensive ecosystem of EV experts to support fleets across the nation.
“BNP Paribas continues to be a strategic partner to Merchants Fleet on this next phase of its growth ambitions," said Andrew Strait, head of U.S. 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.”