Bain Capital and ADIA complete Merchants Fleet buyout

Broadhaven served as exclusive financial advisor.

  • Merchants CEO Brendan P. Keegan has assumed additional roles of president and chairperson
  • Founded by the Singer family in 1962, Merchants has over $2 billion in assets under management and over 175,000 managed commercial fleet units across North America
  • Bain Capital has approximately $160 billion in assets under management

Bain Capital and Abu Dhabi Investment Authority have closed its buyout of Merchants Fleet, a New England-based fleet management company. No financial terms were disclosed.

The Merchants leadership team will remain in their current roles. CEO Brendan P. Keegan has assumed additional roles of president and chairperson.

Merchants includes Merchants Automotive Group, DBA Merchants Fleet and Merchants Auto.

“Merchants Fleet has been at the forefront of fleet services for 60 years, and this deal secures our leadership position for another 60 years and beyond,” said Keegan in a statement. “With the acquisition by Bain Capital, ADIA and our leadership team, Merchants is able to further accelerate innovation, catalyze the EV revolution and fearlessly drive commercial fleet forward.”

Founded by the Singer family in 1962, Merchants has over $2 billion in assets under management and over 175,000 managed commercial fleet units across North America.
Broadhaven served as exclusive financial advisor. BNP Paribas served as financing advisor. WilmerHale served as legal advisor to Merchants ownership. Ropes & Gray served as legal advisor to Merchants management. Davis Polk served as legal advisor to Bain Capital. Gibson Dunn served as legal advisor to ADIA. Paul Weiss served as legal advisor for financing.

Bain Capital has approximately $160 billion in assets under management.

Established in 1976, the Abu Dhabi Investment Authority invests funds on behalf of the government of Abu Dhabi.