Log In

Reset Password

Athene buys Hertz’s fleet management company Donlen

Transaction completed: Jim Belardi, CEO of Athene, said the Donlen deal is an investment “squarely in line with our strategy of sourcing attractive, differentiated long-term investments” (File photograph)

Athene Holding Ltd has completed a $891 million purchase of substantially all the assets of Hertz Global Holdings Inc’s subsidiary Donlen Corporation, a fleet management company.

Bermudian-based Athene said it plans to invest behind the Donlen platform “to support the continued growth and strength of the business”.

Athene has more than $200 billion of assets under management, and said it provides “a stable and long-term capital base, which will allow Donlen to expand capabilities, grow the team, and continue the company's award-winning customer service”.

Paul Stone, Hertz president and chief executive officer, said: "Hertz is very pleased with the successful outcome of the sale process for Donlen, which marks another significant accomplishment in our financial restructuring. We are pleased to have maximised Donlen's value and are making excellent progress on our financial and operational initiatives as we reposition Hertz for the future. We wish the entire Donlen team continued success under Athene's ownership."

Jim Belardi, Athene chairman and CEO, said: "We are confident that pairing Donlen's expertise in fleet management with Athene's strategic investment will result in a positive outcome for all parties involved.

“With our support, Donlen will be able to enhance their client experience and continue to grow their presence as a fleet management leader. This investment is squarely in line with our strategy of sourcing attractive, differentiated long-term investments that deliver strong and consistent returns for our growing portfolio. We look forward to partnering with Tom and the rest of Donlen's management team to help position the company for long-term success."

Tom Callahan, Donlen president, said: "I want to thank our dedicated employees for their commitment to providing best-in-class service to our customers. We are thrilled to gain the confidence and support of Athene, who believes deeply in our business and our people.

“Donlen will be even better positioned for the future as an industry leader with Athene's investments in our proprietary tools, data management capabilities, and our focus on exceptional customer service, and we look forward to a bright future together."

You must be Registered or to post comment or to vote.

Published March 30, 2021 at 1:05 pm (Updated March 30, 2021 at 1:05 pm)

Athene buys Hertz’s fleet management company Donlen

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon