Element Financial Corporation recently purchased General Electric Capital Corporation's (GE Capital) fleet management operations in Mexico, New Zealand and Australia.
Earlier this year, Element also acquired the Canadian and U.S. operations of GE Capital's fleet management businesses.
"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," Element Financial Corporation President Bradley Nullmeyer said. "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."
Element's combined fleet management business now accounts for approximately $13 billion of the company's $18.6 billion in total earning assets. The multiple acquisitions also position Element to have a lucrative future in the fleet management sector.
Element's Chief Executive Officer Steven Hudson, echoed this sentiment, saying, "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."
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