Element Withdraws Proposal to Acquire FleetPartners Group

TORONTO, Sept. 13, 2026 /CNW/ -- Element Fleet Management Corp. (TSX: EFN) ("Element" or the "Company"), today announced that it has decided to not submit a revised proposal to acquire FleetPartners Group Limited (ASX: FPR) ("FleetPartners") and has withdrawn from the current sale process.

After completing its Phase 1 review, Element determined that continuing in a competitive process did not provide a certain pathway to a transaction that could deliver a compelling risk-adjusted return.

"FleetPartners is a high-quality business and we continue to believe there is strategic merit in combining the two businesses," said Laura Dottori-Attanasio, Chief Executive Officer of Element. "However, following our review, we concluded that the risk-adjusted return did not justify continuing in an increasingly competitive process. We will continue to invest in organic growth, evaluate strategic opportunities, and return capital to shareholders where we believe doing so creates the greatest long-term value."

Element remains committed to its Australia and New Zealand business. Its wholly owned subsidiary, Custom Fleet, has operated in the region since 1978, and the Company continues to see meaningful opportunities to grow the business, strengthen its client value proposition, and advance its technology, data, and mobility capabilities across the region.

The decision to withdraw from the FleetPartners process does not affect Element's existing operations, client relationships, employee arrangements, financial guidance, or day-to-day business activities.

About Element Fleet Management

Element Fleet Management (TSX: EFN) is a global leader in intelligent fleet and mobility solutions. Guided by our Purpose to Move the world through intelligent mobility, we help clients manage the vehicles, data, technology, and decisions that keep their businesses moving. Fleet is our foundation, and intelligent mobility is how we lead. By combining deep fleet expertise with connected technologies, data driven intelligence, and strategic partnerships, Element helps clients lower total cost of ownership, improve uptime and driver experience, and build more resilient operations. Element manages over 1.5 million vehicles globally and leverages this scale and data to help clients optimize performance, identifying over $1.7 billion in cost savings opportunities across our clients' fleets in the past year. Through Element Mobility, we are advancing our leadership into the next era of intelligent mobility to deliver measurable business outcomes for our clients. For more information, visit: https://www.elementfleet.com.  

This press release may contain certain forward-looking statements regarding Element. These statements are not guarantees of future performance and involve known and unknown risks that may cause actual results to differ from those anticipated. The forward-looking statements herein speak only as of the date hereof and we do not undertake to update any forward-looking statement except as required by law. A discussion of some of the material risks affecting Element and its business appears under the heading "Risk Management" in Element's Management Discussion and Analysis for the twelve-month period ended December 31, 2025, and under the heading "Risk Factors" in Element's Annual Information Form for the year ended December 31, 2025, which have been filed on SEDAR+ and can be accessed on Element's profile on www.sedarplus.ca.

SOURCE Element Fleet Management Inc.