Element Fleet Management, which is the largest publicly traded, pure-play automotive fleet manager in the world, and funds managed by Blackstone Credit & Insurance, through its Infrastructure & Asset-Based Credit group announced the establishment of a strategic funding relationship involving a portfolio of Canadian fleet lease receivables valued at about C$500 million.
With this strategic arrangement, Element benefits from substantial off-balance sheet treatment, diversifying and optimizing its funding profile while validating the high quality of its asset origination platform and supporting the company’s continued growth.
As a purpose-driven company, Element Fleet Management provides a full range of sustainable and intelligent mobility solutions to optimize and enhance fleet performance for clients across North America, Australia, and New Zealand. And Element Fleet Management’s services address every aspect of our clients’ fleet requirements, from vehicle acquisition, maintenance, route optimization, risk management, and remarketing, to advising on decarbonization efforts, integration of electric vehicles and managing the complexity of gradual fleet electrification.
KEY QUOTES:
“Element is committed to optimizing our funding strategies to support our growth objectives. This strategic relationship with Blackstone enhances our ability to serve our clients and capitalize on emerging opportunities in the market.”
- Heath Valkenburg, Incoming EVP & Chief Financial Officer at Element
“We are pleased to provide Element with capital that helps them better support their client base with a valuable financing tool for companies around the globe. This transaction shows how we can support diverse sectors of the real economy through our asset-based finance efforts – where we have strong momentum and a unique platform.”
- Aneek Mamik, Head of Financial Services for Asset Based Finance at Blackstone Credit & Insurance
