Element to Buy PHH Arval for $1.4 Billion

Toron­to-based equip­ment finance com­pa­ny Ele­ment Finan­cial Cor­po­ra­tion has entered into a defin­i­tive agree­ment to acquire the assets and oper­a­tions of PHH Arval for approx­i­mate­ly $1.4 bil­lion.

“This trans­for­ma­tive acqui­si­tion achieves all of the strate­gic and finan­cial objec­tives that we estab­lished when we set out to expand our domes­tic fleet man­age­ment busi­ness into the U.S. mar­ket,” said Steven K. Hud­son, Element’s Chair­man and Chief Exec­u­tive Offi­cer. “It pro­vides us with a ful­ly inte­grat­ed North Amer­i­can fleet man­age­ment offer­ing that com­ple­ments our oth­er three busi­ness ver­ti­cals at the same time that it is accre­tive to our share­hold­ers and imme­di­ate­ly improves our cap­i­tal effi­cien­cy,” added Mr. Hud­son.

“After care­ful­ly eval­u­at­ing strate­gic alter­na­tives, the Board and man­age­ment team believe this trans­ac­tion best posi­tions our fleet and mort­gage busi­ness­es to cap­i­tal­ize on their dis­tinct strate­gic oppor­tu­ni­ties while max­i­miz­ing val­ue for our share­hold­ers,” PHH CEO Glen Messi­na said in a state­ment.

“PHH Arval’s ser­vice cul­ture is renowned in the North Amer­i­can fleet man­age­ment indus­try and we are very excit­ed about the oppor­tu­ni­ties that we see emerg­ing from com­bin­ing their oper­a­tions with Element’s exist­ing domes­tic fleet man­age­ment busi­ness,” said Bradley Nullmey­er, Element’s North Amer­i­can pres­i­dent. “We also see excep­tion­al growth oppor­tu­ni­ties for the com­bined busi­ness by being able to offer a North Amer­i­can-wide fleet man­age­ment solu­tion to cus­tomers that we ser­vice in our oth­er busi­ness seg­ments, added Mr. Nullmey­er.

Return to Fleet Man­age­ment Week­ly

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