Merchants Fleet boosts funding capacity to $2 billion
In deal with BNP Paribas, firm eyes continuing EV strategy, other growth initiatives
Merchants Fleet, the Hooksett-based national fleet management company, has reported a n expansion of its core member funding group that enables it to have access to $2 billion in leasing capacity and invest in its growth.
The new group of banks and investors is led by French international banking group BNP Paribas. Merchants’ lead equity partner is Bain Capital Credit.
“As we continue to expand into new markets, it is important that we align with the right financial partners who share our strategic vision,” said Brendan P. Keegan, CEO of Merchants Fleet. “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.”
He said the expanded funding capacity will enable Merchants Fleet to continue to fulfill funding requests while investing in the latest fleet technology.
Merchants Fleet manages more than 150,000 vehicles throughout North America and is set to register its strongest year ever in 2021, more than doubling its 2020 results, Keegan said. He added that the firm is poised for continued growth as it partners with a network of EV experts it moves forward with its ongoing plans for electrification.