LeasePlan USA and Wheels Donlen have completed their previously announced stock purchase agreement in which Wheels Donlen’s parent company will acquire LeasePlan USA, according to a Dec. 1 press release.
Athene Holding Ltd. served as the lead investor in the transaction and is the majority shareholder of the newly combined company. Athene is part of Apollo, a global alternative asset manager that originates approximately $100 billion annually of credit assets across lending and asset-backed financing businesses.
The combined company, currently called Wheels Donlen LeasePlan, is expected to rebrand in the first quarter of 2023.
The combined company manages more than 800,000 vehicles and $7 billion of assets in the U.S. It will be led by CEO Shlomo Crandus. Matt Dyer, previously CEO of LeasePlan USA, will serve as its president and as a board member of the combined company.
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. The global alliance between Wheels Donlen and ALD Automotive will continue to serve clients in 59 countries with over 2.7 million vehicles.
“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,” said Crandus in the press release. “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.”
“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,” said Matt Dyer, president. “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.”
“Today, LeasePlan and Wheels Donlen have created a true leasing powerhouse in the United States,” said Tex Gunning, CEO of LeasePlan Corporation. “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 US 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.”
According to the press release, the combined company “supports an ambitious go-forward strategy to deliver an enhanced suite of client solutions across fleet, last-mile delivery, trucks and equipment, including greater electric vehicle and digital technology integration.”