Merchants Fleet reaches US$2bn funding capacity with BNP Paribas backing
Merchants Fleet has expanded its core member funding group, empowering the US-based fleet management company with US$2 billion in capacity for the leasing of vehicles and equipment for clients and for investing in its overall growth.
The funding group, which includes some of the top banks in the world, is led by international banking group BNP Paribas, who along with Merchants’ lead equity partner Bain Capital Credit, represents over $20 trillion in assets.
"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.” says Merchants Fleet CEO Brendan P. Keegan.
According to the company, it 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 in North America, more than double that of 2020. In terms of EVs, it is set on achieving 50% electrification of its mobility fleet portfolio by 2025, and 50% electrification of its managed fleet portfolio by 2030.
Photo (copyright: Merchants Fleet)