We are advising Bain Capital and the consortium on the transaction

Davis Polk is advising Bain Capital and the consortium in connection with the acquisition by Bain Capital and a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) of Merchants Automotive Group, DBA Merchants Fleet and Merchants Auto. The members of the Merchants leadership team will remain in their current roles and will be co-investors in the business. The transaction is subject to customary regulatory and other approvals and is expected to close in the third quarter of 2022. Financial terms of the transaction have not been disclosed.

Bain Capital is one of the world’s leading private investment firms that creates lasting impact for investors, teams, and businesses. Founded in 1984, Bain Capital has organically expanded into numerous asset classes including private equity, credit, public equity, venture capital, real estate and other strategic areas of focus. Established in 1976, the Abu Dhabi Investment Authority is a globally diversified investment institution that prudently invests funds on behalf of the government of Abu Dhabi through a strategy focused on long-term value creation.

Merchants Fleet is North America’s fastest-growing fleet management company, enabling the movement of people, goods and services freely and responsibly. From flexible funding, fleet acquisition and fleet management to vehicle remarketing, fleet consulting, fleet electrification, and the power of cloud-based fleet management platform TotalView, Merchants serves as a single source for all fleet and mobility needs across more than 20 industries. Merchants is headquartered in New England, has its Innovation Center in the Chicago area, and serves fleet clients of all sizes throughout North America.

The Davis Polk corporate team includes partner Michael Davis and associates Brian Lee and Malik Khalil. The finance team includes partner J.W. Perry and counsel Robert F. Smith. The executive compensation team includes partner Adam Kaminsky. The tax team includes partner Ethan R. Goldman. Members of the Davis Polk team are based in the New York and Washington DC offices.

Copy link to share post