Core Insights - Wheels, a leading fleet management company in North America, has received a significant minority investment from Marubeni Corporation and Lithia & Driveway, enhancing its position in the mobility sector [1][2] - The investment aligns Wheels with experienced players in the automotive industry, allowing for innovation and growth while leveraging the expertise of Marubeni and Lithia [1][6] Company Overview - Wheels has been a pioneer in fleet leasing and services since 1939, currently managing over 800,000 vehicles for more than 1,000 clients, providing a full range of mobility solutions [8] - Marubeni has a long history of investing in the US automotive value chain since 1958, with a portfolio that includes consumer auto finance and vehicle rentals, which complements Wheels' operations [6] - Lithia & Driveway is one of the largest automotive retailers globally, offering a comprehensive range of services throughout the vehicle ownership lifecycle, aligning with Wheels' commitment to customer satisfaction [10] Strategic Partnership - The partnership with Marubeni and Lithia is expected to enhance Wheels' access to diversified funding channels and deepen its industry knowledge, supporting its long-term vision [6][2] - The transaction is anticipated to close in the third quarter of 2024, pending customary closing conditions [7]
Marubeni Corporation and Lithia & Driveway Make a Strategic Investment in Wheels, Partnering with Apollo Funds