Serves the Commercial Small Fleet Market of 10 – 50 Vehicles

GE Capital Fleet Services to Acquire Associates Fleet Services in Canada

August 31, 2001

GE Capital Fleet Services announced Aug. 31 it has signed an agreement to purchase Associates Fleet Services (Canada), headquartered in Mississauga, Ontario. Details of the transaction were not disclosed. Completion of the deal is expected in September, subject to regulatory approvals.Associates Fleet Services is owned by CitiGroup's CitiCapital unit and represents about US$490 million in assets with more than 50,000 vehicles underlease and service management in Canada. Other Associates regional office locations include Montreal, Calgary, Vancouver and Edmonton."Associates Fleet Services has an outstanding base of customers and a reputation for customer service excellence," said Dan Henson, president and CEO of GE Capital Fleet Services. "Our focus will be on delivering the highest quality of products, services and Web-based solutions to meet customers' fleet management needs. This acquisition strengthens our business commitment to grow in Canada.""We are excited with the vision we share in leveraging best practices and individual strengths, bringing new value to our customers, both locally and globally," said Andy Hunt, president of Associates Fleet Services, who will lead the combined Canadian business once the transaction is completed.About GE Capital Fleet ServicesGE Capital Fleet Services, based in Eden Prairie, Minn., is a global fleet management company with about 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 in Canada has 10,000 employees, 15 major manufacturing plants and 150 sales and service offices across the country.GE Capital Fleet Services is a business unit of GE Capital. GE Capital, with assets of more than $370 billion, is a global diversified financial services company with 24 specialized businesses.A wholly owned subsidiary of General Electric Co., GE Capital, based in Stamford, Conn., provides equipment management, midmarket 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.About Associates Fleet ServicesAssociates Fleet Services, a unit of Associates Leasing (Canada) Ltd., is a full service vehicle leasing and fleet management company in Canada with more than 40 years experience. Associates employs about 185 people.Associates Fleet Services is part of CitiCapital. Citigroup, which bills itself as the largest diversified financing organization in the world, provides corporate, commercial and consumer finance, leasing and related services internationally to more than 120 million customers.
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