Merchants Fleet announced a major expansion of its lending capacity, more than doubling its ability to fund vehicles and equipment for its traditional fleet and mobility clients throughout the country.

The new lending capacity aligns Merchants with the global market of the commercial vehicle and equipment leasing industry. The move comes on the heels of Merchants' announcement that it was acquired by a new ownership group consisting of Bain Capital, Abu Dhabi Investment Authority (ADIA) and members of the Merchants executive leadership team in October 2022.

Led by French international banking group BNP Paribas, Merchants' core member funding group includes some of the top banks in the world, enabling the company to access capital to lease vehicles and equipment for clients of a larger scale, as well as invest in continued growth. Merchants has established two separate, significant financing warehouse facilities as it continues to evolve and successfully execute on its long-term capital strategy.

"We are excited for what this capital expansion means for our company, and for our clients who rely on us to help keep their businesses running," said Brendan P. Keegan, Chairman, CEO and President of Merchants Fleet. "As we expand into new markets, these new financing facilities will allow us to broaden our reach as we remain the fastest-growing fleet management company in North America."

Merchants is positioned to seize major growth opportunities in all key areas of its portfolio including fleet, mobility, electric vehicles (EVs) and charging infrastructure. The company manages more than 175,000 vehicles throughout North America on behalf of some of the largest brands in the world and continues to drive fleet electrification with 40,000 electric vehicles reserved, and $2.5 billion committed toward fleet electrification and sustainability.

"BNP Paribas is pleased to continue its strategic partnership with Merchants Fleet as it embarks on its next phase of growth," said Andrew Strait, Head of US Diversified Industries Coverage for BNP Paribas. "We look forward to supporting the company as it expands its fleet and fleet offering across North America."