- Fleet management company Merchants Fleet announced it secured $50 million from Bain Capital Credit
Fleet management company Merchants Fleet announced it secured $50 million from Bain Capital Credit. The financing will enable Merchants Fleet to further accelerate its growth and drive change to the fleet management industry, which impacts over 3.2 million commercial cars and trucks.
Businesses in nearly every industry with fleets of commercial vehicles — from 1 to over 10,000 — are being challenged to navigate the multiple driving forces behind the mobility movement, which include connected vehicles, multi-modal transportation, efficiency requirements, and data-driven intelligence. And Merchants Fleet has positioned itself to disrupt the industry with a new FleetTech model that combines processes, technology platforms, pilot programs, and a network of strategic alliances to deliver both comprehensive and innovative solutions to their clients.
Houlihan Lokey (NYSE:HLI) had served as the exclusive financial advisor and placement agent to Merchants Fleet.
“The fourth industrial revolution is pushing forward, being driven by societal and consumer shifts, and the fleet industry will see both evolutionary and revolutionary change. Over the past couple of years, Merchants Fleet has been embracing this change, and bringing to market comprehensive, innovative, flexible and specialized offerings that have impacted our clients tremendously and resulted in significant growth for our company. Bain Capital Credit has a long track record of providing flexible and scalable solutions for financing growth strategies, and we look forward to partnering with them as we continue to lead the disruptive change facing commercial fleets across North America.”
-Brendan P. Keegan, CEO of Merchants Fleet
“We are excited to support Brendan and the Merchants Fleet team as they expand and broaden their leadership position in the rapidly growing fleet management industry. We believe Merchants Fleet is well-positioned to further differentiate itself in the marketplace through their technology-driven value proposition, innovative platform and customer-centric service offering. Bain Capital Credit looks forward to a lasting partnership with Merchants Fleet and their existing financing partners to help support the company’s thoughtfully constructed strategy.”
-Olof Bergqvist, a Managing Director at Bain Capital Credit