Kingbee Vans has agreed a $225 million senior secured facility from Carlyle to buy cargo vans for its United States rental business, the companies announced November 2. The borrowing is backed by vehicles and contracted rental income.
Kingbee equips vans for delivery operators and service businesses, installing shelving, ladder racks and customer branding in-house. Customers rent the finished vehicles without arranging separate equipment, signage and delivery suppliers.
The company advertises month-to-month rental terms after an initial four months, allowing businesses to supplement their fleets for seasonal jobs or while waiting for vehicle orders. It says standard orders generally arrive within four weeks; extensive customization can extend delivery to six weeks.
Its fleet also includes vehicles owned by others. In a January 21 interview with Fleet Management Weekly, founder and CEO Scott Haslam said Kingbee's late-2024 Fluid Truck acquisition enabled third parties to list vehicles for Kingbee to manage. He put the expanded fleet at more than 7,500 vehicles then, compared with around 2,000 before the acquisition.