Element Financial Corp. has acquired GE Capital’s Canadian fleet portfolio under terms of an agreement that also establishes a strategic alliance to deliver vehicle fleet financing and management services to cross-border customers in Canada and the U.S.
Under the terms of the agreement, Element will acquire GE Capital’s existing Canadian fleet portfolio along with the GE Capital Canada fleet operational resources required to service this portfolio. The Canadian operations will be combined with TLS Fleet Management, Element’s existing fleet management business.
In addition to serving the domestic Canadian fleet industry, the combined entity operating under the Element Fleet Management brand will serve Canadian customers under a Strategic Alliance Agreement between Element and GE Capital Fleet Services. Through the long-term Strategic Alliance, the two companies will jointly pursue Canada/U.S. cross-border fleet management opportunities.
“This alliance with GE Capital Fleet Services enables Element Fleet to bring more comprehensive fleet management technologies and solutions to our existing customers at the same time that it expands our addressable client base by giving us the capacity to deliver fleet management services to customers with needs on both sides of the Canada/U.S. border,” said Steven K. Hudson, Element’s chairman and CEO.
“This strategic alliance creates significant advantages for our GE Capital Fleet Services customers operating fleets in Canada,” said Kristi Webb, president and CEO of GE Capital Fleet Services. “Our customers will enjoy a broader range of services, more geographic coverage and more feet on the ground in rapidly growing Canadian markets, and diversified capital funding sources to support their fleet needs.”