Element previously acquired the Canadian operations of GE Capital's fleet management business in June of 2013 and acquired GE Capital's US fleet management operations on August 31, 2015. Element's combined fleet management business now accounts for approximately $13.0 billion or 70 percent of the Company's $18.6 billion in total earning assets as at September 30, 2015.
"Through these transactions, Element's fleet management capabilities have been expanded to cover the entire North American continent and the Element/Arval Global Alliance has been strengthened by our acquisition of GE Capital's Custom Fleet operations in Australia and New Zealand," noted Bradley Nullmeyer, Element Financial Corporation's President. "Working with guidance from our customers, both large and small, I strongly believe that the unmatched technical expertise and unwavering customer focus of this integrated fleet enterprise will serve as a catalyst for innovation across all segments of this industry," added Mr. Nullmeyer.
"The acquisition of these GE Capital fleet management operations positions Element to achieve strong earnings growth from both the expansion of our addressable market for fleet management services and through the deeper penetration of that market with an expanding range of fee-based value-added services," said Steven Hudson, Element's Chief Executive Officer.
About Element Financial Corporation
With total assets of approximately C$22 billion, Element Financial Corporation is one of North America's leading fleet management and equipment finance companies. Element operates in four verticals of the equipment finance market - Fleet Management, Rail Finance, Commercial & Vendor Finance, and Aviation Finance.
Element's fleet management capability is offered to customers through the Company's North American platforms in Canada, the United States and Mexico together with the operations of Custom Fleet in Australia and New Zealand and in other markets through Element's partnership in the Element/Arval Global Alliance.
This release includes forward-looking statements regarding Element and its business. Such statements are based on the current expectations and views of future events of Element's management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements, including, among others, statements regarding the integration and financial impact of the acquisition of various fleet management businesses from GE Capital. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting Element, including risks regarding the equipment finance industry, economic factors, and many other factors beyond the control of Element. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. A discussion of the material risks and assumptions associated with this outlook can be found in Element's 2014 MD&A, and 2014 Annual Information Form, all of which have been filed on SEDAR and can be accessed at www.sedar.com. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.