October 03, 2008

Merchants Leasing Acquires One Fleet Source

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MANCHESTER, NH – In an acquisition that will strengthen Merchants Leasing's ability to serve its fleet leasing clients throughout the country, Merchants has purchased the business of One Fleet Source, LLC, (OFS) of Overland Park, Kan.

Headquartered in Hooksett, N.H., Merchants is a Singer Family Company founded in 1962 whose operations include corporate fleet leasing and fleet management, rental and short-term leasing solutions, and pre-owned vehicle sales and service.

According to Merchants CEO Phil Ryan, "Much strategic thought has gone into this decision. For some time, One Fleet Source has been one of our largest and most respected competitors in the rental and short-term leasing business. We identified them as an ideal acquisition target some time ago. We provide similar passenger van rental and short-term leasing services to the same target market of corporations, colleges, universities, and summer camps. In many respects, OFS is a mirror-image of our short-term leasing business with similar customer profile, and similar vehicles. Consistent with our strategic direction, this acquisition will extend our geographical footprint to the Midwest and West to better serve our clients."

The purchase of the business in an asset purchase transaction closed on Sept. 30.  The operational transition will take place over the next several weeks.  

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