Merchants Fleet
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| ISIN | 🆔 |
|---|---|
| Industry | Fleet vehicles |
| Founded 📆 | 1962 |
| Founder 👔 | Irving Singer |
| Headquarters 🏙️ | , |
Area served 🗺️ | |
Key people | Brendan P. Keegan (Chairman, CEO & President) Jerry Pavelich (Senior Vice President & CFO) |
| Owner | Bain Capital Abu Dhabi Investment Authority Merchants Fleet Leadership Team |
| Members | |
Number of employees | |
| 🌐 Website | [Lua error in Module:WikidataIB at line 665: attempt to index field 'wikibase' (a nil value). ] |
| 📇 Address | |
| 📞 telephone | |
Merchants Fleet is an American company that leases Fleet vehicles and provides fleet management services.[1]
History
Irving Singer founded Merchants Motors in 1962 initially as a used automotive dealership in southern New Hampshire. Singer named the dealership Merchant after being impressed by Merchant Bank where he had borrowed cash for his business. In 1964 Merchants opened its first rental car location aligned with the National Car Rental brand. Merchants began offering fleet leasing in 1967. After Singer retired, his sons Stephen, Robert, Alan, Jeffrey, Gary and son-in-law Michael Sydney took over Merchants. In 1972 Merchants relocated to Hooksett, New Hampshire where it renovated and improved the new location to better serve its growing business. In 1977 Merchants began to open satellite locations beyond New Hampshire into Vermont and Massachusetts.[2]
By 1983 Merchants became the largest non-affiliated rental car company in the United States. Merchants also became the largest car business in New Hampshire by 1984.[3] In 1992 First New Hampshire Bank facilitated $50 million in financing commitments to Merchants.[4] Merchants began offering its leasing services nationally in 1995. In 2001 Robert and Gary Singer became co-CEOs of Merchants, serving until 2003. Phil Ryan served as CEO from 2003 to 2009. In 2004 Merchants acquired Mirak Leasing of Arlington, Massachusetts. Gary Singer became President and Chairman in 2005. In 2007 Merchants purchased One Fleet Source, LLC of Overland Park, Kansas, to strengthen its ability to better serve short-term leasing clients throughout the country. The acquisition expanded the company’s geographical footprint into the mid-west and western regions of the country. Merchants Leasing acquired the North American arm of ALD Automotive in 2011, one of the largest fleet providers in Europe. As a result of this transaction, Merchants took ownership of ALD’s U.S. customer base of about 3,300 vehicles.[5]
In 2012, Glen Villano was promoted from chief operations officer to CEO and Robert Singer became president. Merchants formally launched itself as a fleet management company in 2013, reflecting the full suite of service offerings it could offer its clients in addition to vehicle financing and leasing. In 2014, Merchants reached 25,000 vehicles under management and by 2018 was at 50,000. In 2015 Merchants acquired Texas-based Alamo Leasing, the latest in a series of partnerships and acquisitions aimed at bolstering the company’s strategic plan for controlled growth. In 2017, Merchants hired Brendan P. Keegan as its Chief Executive Officer.[6] Merchants further repositioned itself as a FleetTech business in 2019. The company shortened its name from Merchants Fleet Management to Merchants Fleet, adopted a new logo, and launched a new website to reflect its focus on connecting clients with the technology, fleet services, and specialized teams required to meet their evolving transportation needs. In 2020 Merchants secured $50 million in growth financing from Bain Capital. The growth of Merchants led it to be placed on the Inc. 5000 list at number 4,986 in 2020 and then climbing exponentially to number 2,483 in 2022.[7]
In October 2022, Bain Capital, Abu Dhabi Investment Authority and the Merchants Fleet Leadership Team acquired Merchants. On November 22, 2022 Gary Singer died at 67 years old.[8]
Operations
Merchants Fleet manages 170,000 vehicles throughout the United States.[9] Merchants Fleet has 40,000 electric vehicles reserved and $2.5 billion committed to fleet electrification and sustainability.[10]
References
- ↑ Dioro, Stephen (June 6, 2022). "Transforming Merchants Fleet Into A Hyper Growth Business". Forbes.
- ↑ Feingold, Jeff (July 21, 2022). "Bain Capital, Abu Dhabi Investment Authority acquire NH's Merchants Fleet". New Hampshire Business Review.
- ↑ "New Hampshire's Largest Car Company". Concord Monitor. February 16, 1984.
- ↑ "The Singer Family Success Story". First NH Bank. 1992.
- ↑ Fletcher, Lauren (March 8, 2016). "Milestones in the Fleet Leasing Industry". Fleet Financials.
- ↑ Pelletier, George (May 8, 2021). "CEO, author, speaker Brendan Keegan reflects on success". Nashua Telegraph.
- ↑ Feingold, Jeff (August 22, 2022). "10 New Hampshire businesses earn places on Inc. 5000 list". New Hampshire Business Review.
- ↑ Cousineau, Michael (November 16, 2022). "Gary Singer, of car dealer family, remembered as generous". Yahoo.
- ↑ Feingold, Jeff (October 13, 2021). "Merchants Fleet boosts funding capacity to $2 billion". New Hampshire Business Review.
- ↑ "Merchants Fleet Doubles Lending Capacity for Commercial Vehicles and Equipment". Monitor Daily. February 10, 2023.
External links
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