An equity stake has shifted for Fleet Partners Group, a Sydney-based vehicle leasing and fleet management company which operates in Australia and New Zealand.
Mitsubishi Motors Corporation (Mitsubishi Motors) has increased its equity stake in FleetPartners to 19.93 per cent as of September 17 2025.
In June last year, Mitsubishi Motors acquired 5.01 per cent of FleetPartners’ total issued shares.
With the aim to continue to strengthen the strategic relationship between the organisations and expand operations in Australia and New Zealand, Mitsubishi Motors has increased its investment to 19.93 per cent.
As part of the acquisition of the shares, Mitsubishi Motors represented to shareholders it has no current intention to acquire control or make a takeover offer for FleetPartners.
“Australia and New Zealand are core markets for Mitsubishi Motors, and our strengthened relationship with FleetPartners reflects our continued investment and strategic commitment to these regions,” said Mitsubishi Motors Executive Vice President, Tatsuo Nakamura.
“We look forward to continuing to work with FleetPartners to collectively grow our businesses.”
In FY24, FleetPartners delivered record New Business Writings (NBW) of $924 million, record assets under management or financed of $2.3 billion and net profit after tax excluding amortisation of $87.7 million.
Revenue for the reported period was $761.6 million, while profit was $77.9 million.
Last year the easing of supply constraints for new vehicles was a positive development for the organisation’s Corporate, Small Fleet and Novated business units.
“Shortened lead times and a reduction in order backlogs together with strong demand for Electric Vehicles (EVs) has driven stronger NBW growth and a more engaged customer experience,” FleetPartners Chair Gail Pemberton and CEO Damien Berrell said in a joint statement as part of a 2024 annual report.
“The increased adoption of EVs in Australia has been another highlight.
“Since the Federal Government enacted the Treasury Laws Amendment (Electric Car Discount) Bill in 2022, exempting certain non-luxury zero and low-emissions vehicles from Fringe Benefits Tax, FleetPartners witnessed a significant surge in EV orders from our Novated customers.
“Our customers are increasingly embracing EVs, attracted by both the environmental advantages and the tax savings associated with making the switch.”
The New Zealand operating environment, in contrast, has been reportedly more challenging due to harsher economic conditions.
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