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June 14, 2022updated 17 Jun 2022 8:26am

LeasePlan USA to merge with Wheels Donlen

Dutch car-as-a-service company LeasePlan has signed a stock purchase agreement with Wheels Donlen’s parent, which counts Athene as a lead investor.

The deal aims to create a unified fleet management business by combining LeasePlan USA with Wheels Donlen.

The combined entity hopes to benefit from added scale, increased investment capacity and enhanced capabilities, which will allow it to serve the growing digital technology and electric vehicle (EV) market.

The deal positions Athene, which has $246bn in assets, to provide the merged entity with capital support for its businesses to offer a suite of solutions across the fleet, last-mile delivery, trucking, and equipment.

As per the agreement, representatives from Wheels Donlen and LeasePlan USA will be included in both the management team and board of directors.

LeasePlan CEO Tex Gunning said: “By joining forces with Wheels Donlen, LeasePlan USA will have the scale and investment firepower necessary to serve its growing customer base and accelerate the future of mobility for American drivers.”

LeasePlan USA CEO Matt Dyer will assume a senior executive position and join the board of the combined entity. 

Additionally, LeasePlan USA and LeasePlan will enter into a cooperation agreement to offer global fleet management services to both firms’ international clients, upon completion of the transaction.

Wheels Donlen CEO Shlomo Crandus said: “We look forward to working with Matt and welcoming the LeasePlan USA team to the Wheels Donlen family and together we will continue enhancing our best-in-class platform and providing our clients unsurpassed fleet management results.”

Athene CEO Jim Belardi said: “We have high conviction in the growing mobility market and the leading role that the combined Wheels Donlen-LeasePlan USA can play in serving companies’ fast-evolving fleet needs. We are confident their strong business fundamentals and focus on sustainability and innovation will benefit their customers and Athene’s investors alike.”

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