The acquisition of PHH Arval has been finalized by Element Financial Corporation. The transaction increases the size of the Company’s portfolio of fleet assets to $6 billion. The combined employee base will serve customers through Element Fleet Management’s US head office in Sparks, Maryland and its Canadian head office in Mississauga, Ontario, supported by the Arval global alliance that will service 40 countries beyond North America.
“The transaction positions Element Fleet Management as North America’s premier fleet management provider,” said Bradley Nullmeyer, President of Element Financial Corporation. “Through Element’s other business verticals, it also presents an opportunity for our new fleet clients to access equipment financing solutions for a much broader range of their capital assets – from fork lifts and highway tractors to railcars and aircraft.”
Element’s Fleet Management business will be led by Jim Halliday, current president of PHH Arval. “Element’s focused and disciplined approach to growth presents us with an exceptional opportunity to deliver new solutions and a broader scope of services to our clients,” said Halliday. “I believe our passion for customer service together with the added scale and financial strength to support increased investment in technology and product development, sets Element Fleet Management apart as North America’s premier fleet management company.”