Bain Capital and Abu Dhabi Investment Authority have acquired Merchants Fleet, a fleet management company.

Merchants provide fleet management services with $2 billion in assets under management and 165,000 fleet units.

“When we initially provided growth financing to Merchants in 2020, we had our eye on a longer-term partnership,” said Olof Bergqvist, managing director at Bain Capital. “As the fleet management industry continues to experience considerable disruption, we are excited to continue to support the Merchants team on their path of long-term growth driven by connected vehicles, multi-modal transportation, efficiency requirements and data-driven intelligence.”

Broadhaven is serving as financial advisor, BNP Paribas is serving as financing advisor, and WilmerHale is acting as legal advisor to Merchants. Davis Polk is serving as legal advisor to Bain Capital and the consortium, and Gibson Dunn is serving as legal advisor to ADIA. BNP Paribas has acted as the sole acquisition financing provider for the transaction.