
Hg launches automotive buy-and-build with Mobility Concept deal
Hg has acquired German car leasing company Mobility Concept from a subsidiary of Unicredit Bank and the company's founders.
The GP will merge the company with online car marketplace Meinauto.de using the newly created holding company Mobility Holding. The platform was set up to acquire businesses in the automotive distribution and financing space.
Hg will inject fresh equity from its buyout fund Hg Capital 8 to finance the transaction. The vehicle held a final close on its £2.5bn hard-cap in February 2017.
Hg said in a statement that the company sits in its investment sweet spot, with strong recurring revenues and a loyal customer base. Hg Capital 8 generally invests in companies with enterprise values of between £100-500m.
Company
Mobility Concept was founded in 2000 in Munich and is focused on B2B auto leasing, operating a fleet of approximately 25,000 vehicles under contract. It reported revenues of €246m for 2015 and employs 81 people, according to publicly available documents.
People
Hg – Justin von Simson (managing partner); Florian Wolff (director).
Mobility Concept – Naveen Kohli (CSO).
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater