DES
PLAINES, Illinois and TOKYO and MEDFORD,
Ore. and NEW YORK,
June 27,
2024 /PRNewswire/ -- Wheels, a leading fleet
management company in North
America, announced that it received a significant minority
investment from Marubeni Corporation ("Marubeni") and Lithia
& Driveway ("Lithia"). The strategic investment aligns Wheels
with notable players in the mobility space as it continues to
innovate, building upon its best-in-class product offerings to
corporate clients. As the pioneer in fleet leasing and services,
Wheels recognizes that the automotive industry is constantly
evolving and welcomes the deep industry knowledge that Marubeni and
Lithia collectively contribute to our business.
Marubeni has a strong track record of investing in companies
across the US automotive value chain, dating back to 1958. Current
Marubeni portfolio companies in the mobility sector include
businesses focused on consumer auto finance, refrigerated trailer
rental & leasing, and short-term commercial vehicle rentals. As
an investor in Wheels in partnership with Apollo-managed funds
focused on origination platforms and asset-backed finance
strategies, Marubeni is aligned with Apollo's long-term vision for
Wheels, and in addition to providing expertise in the automotive
sector, Marubeni enables further access to diversified funding
channels through its longstanding relationships in Japan. Lithia, as one of the largest
dealership groups in the US, shares Wheels' commitment to
delivering valuable offerings across the vehicle lifecycle, from
vehicle acquisition and financing to maintenance and repair.
Shlomo Crandus, the CEO of
Wheels, said, "We are excited to receive the backing of two highly
sophisticated investors. Our clients are always at the heart of
everything we do, and that will continue as we innovate and grow
with Marubeni and Lithia. While Wheels operates as a fleet
management company today, the legacy business began in 1939 from an
auto dealership, so we have a deep appreciation for the world-class
business that Lithia has built and its dedication to customer
satisfaction. We look forward to the strategic partnership and
collaborative thinking with both Marubeni and Lithia."
The transaction is expected to close in the third quarter of
calendar year 2024, subject to customary closing conditions.
About Wheels
As one of the largest fleet management
and mobility solutions providers in North
America, Wheels delivers a full range of products and
services that keep businesses and their mobile workforce moving
efficiently and safely. Wheels supports end-to-end solutions for
more than 1,000 clients, representing 800,000+ vehicles – from
battery electric sedans to service vans, class eight trucks and
equipment. In 1939 Wheels invented the fleet industry, and we
continue to shape the future of mobility by delivering experiences
that our customers love. Discover how we are driving the future for
our clients by visiting www.wheels.com.
About Marubeni
Marubeni Corporation and its
consolidated subsidiaries use their broad business networks, both
within Japan and overseas, to
conduct importing and exporting (including third country trading),
as well as domestic business, encompassing a diverse range of
business activities across wide-ranging fields including lifestyle,
IT solutions, food, agri business, forest products, chemicals,
metals & mineral resources, energy, power, infrastructure
project, aerospace & ship, finance, leasing & real estate
business, construction, industrial machinery & mobility, next
generation business development and next generation corporate
development. Additionally, the Marubeni Group offers a variety of
services, makes internal and external investments, and is involved
in resource development throughout all of the above industries.
Please visit Marubeni Corporation.
About Lithia
Lithia & Driveway (NYSE: LAD) is one
of the largest global automotive retailers providing a wide array
of products and services throughout the vehicle ownership
lifecycle. Simple, convenient, and transparent experiences are
offered through our comprehensive network of physical locations,
ecommerce platforms, captive finance solutions and other
synergistic adjacencies. We deliver consistent, low-risk, and
profitable growth in a massive and unconsolidated industry. Our
highly diversified and competitively differentiated design provides
us the flexibility and scale to pursue our vision to modernize
personal transportation solutions wherever, whenever, and however
consumers desire. Please visit Lithia & Driveway.
About Apollo
Apollo is a high-growth, global
alternative asset manager. In our asset management business, we
seek to provide our clients excess return at every point along the
risk-reward spectrum from investment grade to private equity with a
focus on three investing strategies: yield, hybrid, and equity. For
more than three decades, our investing expertise across our fully
integrated platform has served the financial return needs of our
clients and provided businesses with innovative capital solutions
for growth. Through Athene, our retirement services business, we
specialize in helping clients achieve financial security by
providing a suite of retirement savings products and acting as a
solutions provider to institutions. Our patient, creative, and
knowledgeable approach to investing aligns our clients, businesses
we invest in, our employees, and the communities we impact, to
expand opportunity and achieve positive outcomes. As of
March 31, 2024, Apollo had
approximately $671 billion of assets
under management. To learn more, please visit www.apollo.com.
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SOURCE Lithia Motors, Inc.