Changes in the group structure have been announced by Insight Investment Group LLC. Insight has established FLEET LLC, transferring shares in JSC Bilantlia and stakes in FLEET Finance LLC and FLEET Autoleasing LLC to the new company. Insight Group holds 100% ownership of FLEET LLC.
The reorganization is designed to streamline the funding processes and operational activities of a portion of the group's leasing assets. FLEET will facilitate a more effective distribution of capital among leasing companies, establish a unified funding center, and assist assets in focusing on operational activities. Furthermore, it will enable cost optimization through the acquisition of comprehensive proposals from providers of IT, insurance, and other services.
Insight continues to directly own DeltaLeasing LLC, a company that provides equipment leasing services. DeltaLeasing leads the equipment leasing market with a leasing portfolio worth 109 billion rubles. Insight's management sees no economic rationale for incorporating DeltaLeasing into the FLEET group, and will allow it to continue its independent growth.
About the companies of FLEET LLC:
Fleet Finance, previously known as John Deere Financial, offers leasing services for machinery and equipment in the agricultural, construction, logging, and trucking sectors.
Fleet Autoleasing, formerly known as RNL Leasing, provides leasing services for passenger vehicles, light commercial vehicles, and trucks.
JSC Bilantlia (RexRent trademark; formerly Avis/Budget) is one of Russia's largest car rental companies, offering short-term rental and operational leasing services.
Insight Investment Group LLC is a privately-held investment firm that specializes in direct investments and asset management in Russia and the CIS countries. Insight Investment Group encompasses leasing firms such as DeltaLeasing LLC, Fleet Finance LLC, Fleet Autoleasing LLC, in addition to the car rental and operational leasing service RexRent and the Legion II business center located in downtown Moscow.