Element Completes Purchase of US Operations of GE Capital Fleet Services
Element Financial Corp. announced that it has completed the purchase of GE Capital’s fleet-management business in the United States and expects to close the purchase of similar operations in Mexico, Australia and New Zealand on Sept. 30.
GE is selling the fleet-management business along with other financial services, including its transportation lending business, to focus on manufacturing and industrial automation.
“The fleet-management industry is a primary focus for Element as a platform for delivering strong cash flows for our business, leading-edge products and services for our customers, challenging career opportunities for our employees and attractive returns for our investors,” said Bradley Nullmeyer, president of the Toronto-based finance firm.
Element also announced the appointment of Kristi Webb as president and CEO of the company’s fleet-management business. Webb currently serves as president of GE Capital Fleet Services. Jim Halliday also was named executive vice president and will oversee Element’s operations outside the United States and lead the firm’s mergers and acquisitions activities.
