Element Financial Corp.'s senior management team and Board of Directors has purchased $11.2 million in Element securities to help finance the Canadian fleet financier's acquisition of PHH Arval.

Toronto-based Element Financial had floated $1.42 billion in municipal debt including subscription receipts, debentures, and preferred shares to finance its acquisition of PHH Corp.'s fleet management unit.

"A personal financial commitment of this scale from those of us who are closest to the inner workings of this company is supported by the stronger than forecast origination growth that we are seeing across each of our four verticals," said Steven K. Hudson, Element's chairman and CEO.

The sale is expected to close before July 31.