Merchants Fleet announced that Bain Capital and a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), along with the Merchants Fleet leadership team, have completed the acquisition of Merchants Automotive Group, DBA Merchants Fleet, and Merchants Auto, according to the company's news release.
The Merchants leadership team will remain in their current roles. Chief Executive Officer Brendan P. Keegan has assumed additional roles of president and chairperson.
The acquisition, initially announced in July 2022, will allow Merchants’ clients to continue developing new service offerings, according to Merchants Fleet.
“Merchants Fleet has been at the forefront of fleet services for 60 years, and this deal secures our leadership position for another 60 years and beyond,” said Keegan. “With the acquisition by Bain Capital, ADIA, and our leadership team, Merchants is able to further accelerate innovation, catalyze the EV revolution and fearlessly drive commercial fleet forward.”
Merchants touts existing reservations for 40,000 electric vehicles—an investment and commitment of $2.5 billion, according to the company.
“Merchants has a singular focus: Exceed clients’ expectations. With the financial support from Bain Capital and ADIA, we’re empowered to make an even greater impact on our fleet management and fleet leasing clients while taking our world-class, highly customized service to the next level,” said Jerry Pavelich, CFO of Merchants Fleet. “This is an exciting next step for the company, underscoring that there’s never been a better time to work for or with Merchants.”