Element Fleet Management Corp. announced a five-year agreement with Rentokil Terminix, the North American division of Rentokil Initial plc, to provide services and financing to its 21,000-plus vehicle fleet in the U.S., according to a Dec. 19 announcement.
"We are honored that Rentokil Terminix has chosen to expand their North American relationship with Element, making us their sole U.S. provider of fleet management services and financing," said Jay Forbes, president and CEO of Element. "Rentokil, the global leader in pest control services, represents Element’s largest 'mega' fleet win since initiating our pivot to growth in 2021."
Rentokil Initial plc has been a long-standing client of Element, the company said. With its recent acquisition of Terminix, the company decided to consolidate the financing and management of its entire U.S. vehicle fleet under one fleet management company and chose Element as that provider. Under the terms of this agreement, Element will extend its current fleet management services and financing (currently 4,700 vehicles) to an additional 16,500 Rentokil Terminix vehicles in the U.S., increasing the total global vehicles under management by 1% and making Rentokil Terminix a top 10 client.
This partnership will also enable Rentokil Terminix's mission to transition its global fleet to more efficient and sustainable ultra-low emissions vehicles by 2040. Rentokil Initial joined the EV100 in 2020.
David Madrigal, chief commercial officer at Element, said: "Rentokil Terminix's decision to entrust the entire 21,000 vehicle fleet to Element is both gratifying and humbling, reflecting their confidence in our proven ability to deliver a consistent, superior client experience and optimize their total cost of fleet operations. We are very pleased they have decided to grow their relationship with Element, and we look forward to working with them to uphold the high standards we share for our clients globally as we both continue to grow."