Blackstone has expanded its asset-based finance providing by way of a strategic funding partnership with Factor Fleet Administration.
Beneath the settlement, Blackstone will fund a portfolio of Canadian fleet lease receivables valued at round C$500m (£274.5m).
Toronto-listed Factor is the biggest publicly traded, pure-play automotive fleet supervisor on the planet. Blackstone stated that the agency will profit from substantial off-balance sheet therapy, diversifying its funding profile and supporting its continued progress.
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“We’re happy to offer Factor with capital that helps them higher help their consumer base with a invaluable financing software for firms across the globe,” stated Aneek Mamik, head of economic companies for asset-based finance at Blackstone Credit score and Insurance coverage. “This transaction exhibits how we will help numerous sectors of the actual financial system by our asset-based finance efforts – the place we’ve got robust momentum and a singular platform.”
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Heath Valkenburg, incoming EVP and chief monetary officer at Factor, stated the strategic partnership will help the corporate’s progress aims.
“This strategic relationship with Blackstone enhances our skill to serve our purchasers and capitalize on rising alternatives available in the market,” he added.
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