GE Capital Fleet Services Completes Acquisition of Associates Fleet Services In Canada

EDEN PRAIRIE, Minn. and TORONTO, Sept. 21 GE Capital Fleet Services announced today it has received final regulatory
approvals for, and completed, the acquisition of Associates Fleet Services in
Canada headquartered in Mississauga, Ontario. Details of the transaction were
not disclosed.
"This acquisition strengthens our ability to help our corporate customers
deliver productivity in their fleet management operations," said Dan Henson,
president and chief executive officer of GE Capital Fleet Services.
Andy Hunt, former president of Associates Fleet Services, has been named
president of GE Capital Fleet Services in Canada. "We look forward to
providing our customers enhanced products and web-based services that drive
added value in our relationships," said Hunt.
Associates Fleet Services in Canada was owned by Citigroup's CitiCapital
unit and represented approximately US $490 million in assets with more than
50,000 vehicles under lease and service management.
GE Capital Fleet Services, based in Eden Prairie, Minn., is a global fleet
management company with approximately 1.2 million vehicles under lease and
service management with offices in the United States, Canada, Mexico, Europe,
Japan, Australia and New Zealand.
GE Capital Fleet Services has served the Canadian marketplace since
1987 and currently has offices in Vancouver, Calgary, Montreal and Toronto
with 40 employees.
GE Capital Fleet Services is a business unit of GE Capital. GE Capital,
with assets of more than US $370 billion, is a global diversified financial
services company with 24 specialized businesses. A wholly owned subsidiary of
General Electric Company, GE Capital, based in Stamford, Conn., provides
equipment management, mid-market and specialized financing, specialty
insurance and a variety of consumer services such as home mortgages and credit
cards, to businesses and individuals around the world. GE is a manufacturing,
technology and services company with operations worldwide.

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