SG Fleet’s proposed acquisition of FleetPartners would deliver significantly more than an additional customer list. It would add more than 80,000 vehicles under management, a large leasing portfolio, established operations across Australia and New Zealand, and a recently modernised technology platform.
SG Fleet is estimated to manage approximately 240,000 vehicles across Australia and New Zealand. Adding FleetPartners’ portfolio would produce a combined operation responsible for more than 320,000 vehicles, although the final number would depend on portfolio movements and how each company defines vehicles under management.
That scale would strengthen the combined group’s purchasing power, funding capability, technology investment and vehicle remarketing volumes. It would also make the business a much larger participant in corporate, government, small business and novated leasing markets.
More than 80,000 additional vehicles
FleetPartners describes itself as one of the leading fleet management providers in Australia and New Zealand, with more than 80,000 vehicles under management.
Its services cover the full vehicle lifecycle, including vehicle acquisition, financing, leasing, maintenance management and end-of-lease remarketing. The business also provides novated leasing and salary packaging services in Australia.
The portfolio is spread across three main operating segments:
- Australia Commercial, covering fleet leasing and management
- Novated, covering novated leases and salary packaging
- New Zealand Commercial, covering leasing and fleet management in New Zealand
FleetPartners reported that it retained all material contracts across its Corporate, Government and Novated portfolios during FY25. For SG Fleet, those relationships would provide additional scale and access to customers across several fleet market segments.
A substantial financial platform
FleetPartners reported New Business Writings of $778 million and Assets Under Management or Financed of $2.3 billion for FY25.
The company generated $786.2 million in revenue, EBITDA of $132.4 million and statutory profit of $75.3 million. It also produced $93 million in organic cash flow and finished the financial year with a corporate net cash position of $27.9 million.
Its balance sheet included total assets of $2.73 billion, including $657.6 million in finance leases and $1.16 billion in operating lease assets.
The company’s funding platform includes warehouse facilities, asset-backed securitisation and relationships with banking and institutional funding partners. At the end of FY25, it had $515 million in undrawn warehouse facilities available to support portfolio growth.
These capabilities could be particularly valuable to SG Fleet because fleet leasing businesses rely on access to competitive funding, disciplined residual value management and the ability to refinance large portfolios efficiently.
Technology transformation already completed
FleetPartners has also completed a major technology and business transformation known as the Accelerate program.
The project consolidated its Australian brands, systems and processes onto the Miles fleet management platform already used by its New Zealand operation (and used by SG Fleet).
FleetPartners said Accelerate had “consolidated our brands, systems and processes into a single, modern operating platform” across Australia and New Zealand.
The program cost $31.5 million and was reported to have produced annualised operating expense savings of more than $6 million. This means SG Fleet would be acquiring a business that has already completed much of the difficult work required to simplify systems and improve scalability.
However, FleetPartners also acknowledged that the system transition temporarily disrupted service for some novated leasing customers. The company said the problems were resolved before the end of FY25.
People and specialist capability
FleetPartners reported a workforce of 435 people at 30 September 2025, with 79 per cent based in Australia and 21 per cent in New Zealand.
That workforce includes expertise in vehicle procurement, credit, funding, residual value setting, fleet maintenance, remarketing, salary packaging and customer service.
It would give SG Fleet additional operational capacity and industry knowledge, although combining two large workforces and removing duplicated functions would be one of the more sensitive parts of any integration.
EV and novated leasing growth
FleetPartners would also bring an expanding novated leasing portfolio and established capability in electric vehicle funding and fleet transition advice.
Battery electric and plug-in hybrid vehicles represented 60 per cent of FleetPartners’ novated New Business Writings during FY25. Across its total funded portfolio, electric and plug-in hybrid vehicles represented 19 per cent of contracts, up from 13 per cent in FY24.
The company has also financed more than $100 million in assets through Clean Energy Finance Corporation facilities and offers corporate customers a structured fleet transition process covering vehicle suitability, emissions modelling and charging requirements.
What the scale could mean for fleet customers
A combined portfolio of more than 320,000 vehicles could create efficiencies in procurement, funding, technology, maintenance networks and remarketing.
For fleet customers, however, scale does not automatically guarantee better fleet management. Fleet buyers will be watching whether consolidation improves service and investment or reduces competition, supplier choice and access to tailored fleet advice.
The proposal remains unsolicited, indicative, non-binding and conditional. It is subject to due diligence, agreement on transaction terms and regulatory approvals from bodies including the ACCC, FIRB and New Zealand Commerce Commission.
FleetPartners has told shareholders there is “no certainty” that the proposal will result in a binding offer or completed transaction.
Should the acquisition proceed, SG Fleet would gain a substantial managed fleet, $2.3 billion in assets under management or finance, established corporate and government relationships, a growing novated business and a technology platform designed to support further scale. The resulting operation would be one of the largest fleet management groups in the Australian and New Zealand markets.
