Element Announces Largest Win Since its Pivot to Growth in 2021
19 Dezembro 2022 - 7:01PM
Element Fleet Management Corp. (TSX: EFN) (“Element”), the largest
pure-play automotive fleet manager in the world, today announced a
five-year agreement with Rentokil Terminix, the North American
division of Rentokil Initial plc, to provide services and financing
to its 21,000+ vehicle fleet in the U.S.
“We are honored that Rentokil Terminix has chosen to expand
their North American relationship with Element, making us their
sole U.S. provider of fleet management services and financing,”
said Jay Forbes, President and Chief Executive Officer of Element.
“Rentokil, the global leader in pest control services, represents
Element’s largest ‘mega’ fleet win since initiating our pivot to
growth in 2021.”
Rentokil Initial plc has been a long-standing client of Element.
With its recent acquisition of Terminix, the company decided to
consolidate the financing and management of its entire U.S. vehicle
fleet under one fleet management company and chose Element as that
provider. Under the terms of this agreement, Element will extend
its current fleet management services and financing (currently
4,700 vehicles) to an additional 16,500 Rentokil Terminix vehicles
in the U.S., increasing the total global vehicles under management
by a full 1 percent and making Rentokil Terminix a top 10 client.
This partnership will also enable Rentokil Terminix’s mission to
transition its global fleet to more efficient and sustainable
ultra-low emissions vehicles (ULEVs) by 2040. Rentokil Initial
joined the EV100 in 2020.
David Madrigal, Chief Commercial Officer of Element, said:
“Rentokil Terminix’s decision to entrust the entire 21,000 vehicle
fleet to Element is both gratifying and humbling, reflecting their
confidence in our proven ability to deliver a consistent, superior
client experience and optimize their total cost of fleet
operations. We are very pleased they have decided to grow their
relationship with Element, and we look forward to working with them
to uphold the high standards we share for our clients globally as
we both continue to grow.”
About Element Fleet
Management
Element Fleet Management (TSX: EFN) is the
largest pure-play automotive fleet manager in the world, providing
the full range of fleet services and solutions to a growing base of
loyal, world-class clients – corporates, governments and
not-for-profits – across North America, Australia and New Zealand.
Element enjoys proven resilient cash flow, a significant proportion
of which is returned to shareholders in the form of dividends and
share buybacks; a scalable operating platform that magnifies
revenue growth into earnings growth; and an evolving
capital-lighter business model that enhances return on equity.
Element’s services address every aspect of clients’ fleet
requirements, from vehicle acquisition, maintenance, accidents and
remarketing, to integrating EVs and managing the complexity of
gradual fleet electrification. Clients benefit from Element’s
expertise as the largest fleet solutions provider in its markets,
offering unmatched economies of scale and insight used to reduce
fleet operating costs and improve productivity and performance. For
more information, visit elementfleet.com/investor-relations.
Forward-Looking Statements
This press release includes forward-looking statements regarding
Element and its business. Such statements are based on the current
expectations and views of future events of Element’s management. In
some cases the forward-looking statements can be identified by
words or phrases such as “may”, “will”, “expect”, “plan”,
“anticipate”, “intend”, “potential”, “estimate”, “believe” or the
negative of these terms, or other similar expressions intended to
identify forward-looking statements, including, among others,
statements regarding Element’s enhancements to clients’ service
experience and service levels; enhancement of financial
performance; improvements to client retention trends; reduction of
operating expenses; increases in efficiency; EV strategy and
capabilities; global EV adoption rates; redemption of the Series I
Shares; dividend policy and the payment of future dividends;
creation of value for all stakeholders; expectations regarding
syndication; growth prospects and expected revenue growth; level of
workforce engagement; improvements to magnitude and quality of
earnings; executive hiring and retention; focus and discipline in
investing; balance sheet management and plans to reduce leverage
ratios; anticipated benefits of the balanced scorecard initiative;
Element’s proposed share purchases, including the number of common
shares to be repurchased, the timing thereof and TSX acceptance of
the NCIB and any renewal thereof; and expectations regarding
financial performance. No forward-looking statement can be
guaranteed. Forward-looking statements and information by their
nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause Element's
actual results, performance or achievements, or industry results,
to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statement
or information. Accordingly, readers should not place undue
reliance on any forward-looking statements or information. Such
risks and uncertainties include those regarding the ongoing
COVID-19 pandemic, risks regarding the fleet management and finance
industries, economic factors and many other factors beyond the
control of Element. A discussion of the material risks and
assumptions associated with this outlook can be found in Element's
annual MD&A, and Annual Information Form for the year ended
December 31, 2021, each of which has been filed on SEDAR and can be
accessed at www.sedar.com. Except as required by applicable
securities laws, forward-looking statements speak only as of the
date on which they are made and Element undertakes no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events, or otherwise.
Contact:
Michael Barrett
Vice President, Investor Relations
416-646-5698
mbarrett@elementcorp.com
Samantha Ouimet
Vice President, Communications
416-417-1272
nboeck@elementcorp.com
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