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Element Closes Acquisition of GE Capital’s Fleet Operations in Mexico, Australia, New Zealand

October 01, 2015, 06:38 AM
Filed Under: Mergers & Acquisitions

Element Financial announced that it has closed the acquisition of General Electric Capital Corporation’s (“GE Capital”) fleet management operations in Mexico and their fleet management operations in Australia and New Zealand doing business as Custom Fleet.

Element previously acquired the Canadian operations of GE Capital’s fleet management business in June of 2013 and acquired GE Capital’s US fleet management operations on August 31, 2015. Element’s combined fleet management business now accounts for approximately $13.0 billion or 70 percent of the Company’s $18.6 billion in total earning assets as at September 30, 2015.

“Through these transactions, Element’s fleet management capabilities have been expanded to cover the entire North American continent and the Element/Arval Global Alliance has been strengthened by our acquisition of GE Capital’s Custom Fleet operations in Australia and New Zealand,” noted Bradley Nullmeyer, Element Financial Corporation’s President. “Working with guidance from our customers, both large and small, I strongly believe that the unmatched technical expertise and unwavering customer focus of this integrated fleet enterprise will serve as a catalyst for innovation across all segments of this industry,” added Mr. Nullmeyer.

“The acquisition of these GE Capital fleet management operations positions Element to achieve strong earnings growth from both the expansion of our addressable market for fleet management services and through the deeper penetration of that market with an expanding range of fee-based value-added services,” said Steven Hudson, Element’s Chief Executive Officer.

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