TDR et al. in EUR 4.9bn LeasePlan sale

Societe Generale has signed two memorandums of understanding with ALD, and the deal will be financed via a combination of shares and cash, according to a statement.

Societe Generale will hold a 53% stake in the combined entity comprising ALD and LeasePlan, while LeasePlan's shareholders will own a 30.75% stake, receiving EUR 2bn in cash. The combined company, known as NewALD, will operate a fleet of around 3.5 million vehicles.

TDR led the acquisition of LeasePlan from Volkswagen and investment firm Fleet Investments for around EUR 3.7bn in July 2015. The purchase price equated to a 9.9x EBITDA multiple, according to Unquote Data.

Also participating in the deal were Dutch pension fund PGGM, Danish pension fund ATP, Singaporean sovereign wealth fund GIC, Luxinva (a wholly owned subsidiary of the Abu Dhabi Investment Authority), and Goldman Sachs' merchant banking division. Ardian also participated in the deal, according to Unquote Data.

TDR deployed equity via TDR Capital III. The vehicle held a final close in April 2014 on EUR 2.1bn and generally focuses on companies with enterprise values of GBP 150m-700m. Other realisations from the fund include UK-based residential construction company Keepomat, which was sold to Aermont Capital in a GBP 700m deal in August 2021.

During the investment period, LeasePlan launched initiatives including a new mobility strategy to address the shift from car ownership to car-as-a-service.

The company also launched online B2C used car marketplace CarNext in 2018, which was carved out from the company in July 2021. It is owned by TDR Capital, GIC, PGGM, ATP and Goldman Sachs Asset Management, and raised an initial EUR 400m from its investors to support its growth.

Company
Founded in 1963 and headquartered in Amsterdam, LeasePlan provides B2B and B2C vehicle-leasing services, including financing and operations. Its client base includes multinational companies, SMEs and pubic sector organisations. The company operates 1.8 million vehicles in 32 countries.

LeasePlan generated EBITDA of EUR 372m at the time of its acquisition by TDR and its co-investors in 2015. According to its latest annual report, it posted revenues of EUR 9.9bn in 2020, 90% of which were generated in Europe, alongside an underlying net result of EUR 406m.

People
LeasePlan – Tex Gunning (CEO).
Societe Generale – Frédéric Oudéa (CEO).

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