LeasePlan USA, Wheels Donlen complete combination
LeasePlan USA and Wheels Donlen have completed their merger.
Athene Holding Ltd. was the lead investor in the transaction and is the majority shareholder of the combined company.
Leading the combined company is CEO Shlomo Crandus, while Matt Dyer — who had been CEO of LeasePlan USA — will be president and a board member.
The current name of the entity is Wheels Donlen LeasePlan, but the company expects to rebrand in the first quarter.
“We’re excited to bring together the unique solutions, capabilities, and qualities of three high performing companies to create a best-in-class mobility management company focused on client success,” Crandus said in a news release. “We’ve always respected each other as competitors and now in combining forces we have a tremendous opportunity to bring an expanded set of client solutions to market.”
Athene CEO Jim Belardi said: “For Athene, this transaction follows our longstanding strategy to invest in businesses with strong fundamentals, underwriting and direct origination capabilities. We are committed to the growing fleet management market and the leading role that the combined Wheels Donlen LeasePlan will play in serving the fast-evolving fleet needs. With the closing of this transaction, we look forward to more opportunities to invest in the combined company and equipping the business for long-term success.”
The combined company has entered a cooperation agreement with LeasePlan Corp. to provide global fleet management services to international clients of both companies.