PE-backed LeasePlan withdraws IPO

The business had been scheduled to float during October, with the proposed offering consisting entirely of existing shares held by the company's current sole shareholder Lincoln Financing Holdings, which is controlled by a consortium of investors.

The IPO was aimed at retail investors in the Netherlands and Belgium, and institutional investors globally.

TDR Capital acquired LeasePlan alongside a number of co-investors from Volkswagen and investment firm Fleet Investments in 2015 in a deal valued at €3.7bn. The consortium comprised Dutch pension funds including PGGM, ATP, Singapore's sovereign wealth fund GIC, Luxembourg-based Luxinva and Goldman Sachs' merchant banking subsidiary, among others. Ardian acquired a minority stake in the business a year later.

Founded in 1963 and headquartered in Amsterdam, LeasePlan is a car leasing service. It operates 1.8 million vehicles in 30 countries. It operates under two brands: LeasePlan for new cars, and CarNext.com for used cars. The group manages the entire vehicle lifecycle, from purchasing, insurance and maintenance, to car resale.

LeasePlan reported sales of €425m in 2016, just under the previous year's €442m. In 2015, the business employed 7,275 people.

Deutsche Bank, UBS, Goldman Sachs International and ING Bank were acting as joint global coordinators, and ABN Amro Bank, BNP Paribas, Citigroup Global Markets and Jefferies International were joint bookrunners for the proposed offering.

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• Topics
• Exits
• Benelux
• Support services
• Netherlands
• Ardian (formerly Axa PE)
• TDR Capital
• IPO