Merchants Fleet, a fleet management company, expanded its core member funding group, enabling the company to access $2 billion of capacity to lease vehicles and equipment for clients as well as to invest in continued growth. BNP Paribas is leading the new group of banks. BNP Paribas and Merchants’ lead equity partner, Bain Capital Credit, represent more than $20 trillion in assets.
“As we continue to expand into new markets, it is important that we align with the right financial partners who share our strategic vision,” Brendan P. Keegan, CEO of Merchants Fleet, said. “After receiving bids from some of the largest and most respected banks in the world, we selected BNP Paribas as our lead financial partner and collateral agent and are very excited to welcome other new partners into the group. 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.”
Merchants Fleet manages more than 150,000 vehicles throughout North America. The expanded funding capacity will enable Merchants Fleet to continue to fulfill funding requests while investing in fleet technology.
“BNP Paribas continues to be a strategic partner to Merchants Fleet on this next phase of its growth ambitions,” Andrew Strait, head of U.S. diversified industries coverage for BNP Paribas, said. “We look forward to supporting the company on its expansion, as fleet electrification and charging infrastructure will be a key part of our transition to a more sustainable economy.”
