NEW YORK, NY AND SALT LAKE CITY – [November 2, 2026] –
Global investment firm Carlyle (NASDAQ: CG) and Kingbee Vans (“Kingbee”), a leading provider of flexible fleet rental solutions, today announced a $225 million asset-backed financing agreement to support the expansion of Kingbee’s commercial vehicle fleet.
Under the agreement, Carlyle’s Global Credit platform will provide a senior secured financing facility to support Kingbee’s acquisition of new cargo vans for rental to commercial fleet operators across the United States. The transaction represents a customized asset-backed financing solution designed to provide Kingbee with institutional capital, scale and expertise as it expands its fleet to meet growing customer demand.
Founded in 2021 and headquartered in Salt Lake City, Utah, Kingbee provides work-ready commercial vehicles to customers across last-mile delivery, logistics and commercial services. The company combines vehicle sourcing, customization, rental and fleet management services to accelerate speed to market without the capital requirements and operational complexities of direct ownership.
The transaction underscore Carlyle’s focus on investing behind logistics and fleet assets supported by underlying supply-demand dynamics. As consumer preferences continue to shift toward home delivery of goods, groceries and other everyday essentials, commercial vehicle fleets are playing an increasingly important role in supporting the broader delivery and logistics ecosystem.
“Last-mile delivery keeps rising while new cargo-van supply remains tight,” said Eldar Ben-Zikry, Principal at Carlyle. “Kingbee has built a platform that closes that gap by sourcing, upfitting, and renting work-ready vans at scale, and we’re pleased to support its next phase of growth.”
“This is the kind of financing Carlyle ABF is built to provide,” said Akhil Bansal, Head of Asset-Backed Finance at Carlyle. “We’re backing Kingbee with capital secured by hard assets and contracted rental cash flows, structured for a company whose growth requires a scaled capital partner.”
“Partnering with Carlyle marks a major step forward in Kingbee’s long-term growth strategy,” said Scott Haslam, Founder & CEO of Kingbee Vans. “As the commercial fleet industry continues to expand, this financing will play a key role in accelerating our fleet growth, expanding our nationwide network of hubs, and strengthening our ability to scale operations to meet the growing demand for flexible fleet solutions.”
This investment is being led by Carlyle’s Asset-Backed Finance (“ABF”) team within the firm’s Global Credit platform. Carlyle ABF invests across private fixed income and asset-backed assets, providing financing solutions to and acquiring portfolios of financial assets from businesses, specialty finance companies, and asset owners. As of June 30, 2026, Carlyle’s Global Credit platform had approximately $211 billion in assets under management.
Paul Hastings LLP acted as legal advisor to Carlyle on the transaction.
About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Carlyle AlpInvest. With $485 billion of assets under management as of June 30, 2026, Carlyle’s purpose is to connect people, ideas and capital to fuel growth for companies and performance for investors. Carlyle employs more than 2,500 people in 28 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X at @OneCarlyle and LinkedIn at The Carlyle Group.
Media Contacts
For Carlyle:
Max Berger
917-533-4374
Max.Berger@carlyle.com
For Kingbee:
Lily Weickum
828-546-4233
lily.weickum@kingbee-vans.com
