Hg announces acquisition of German B2B fleet leasing company Mobility Concept – HgCapital Trust (HGT) has announced the acquisition of Mobility Concept GmbH, a leading B2B* fleet leasing company, headquartered in Germany. Hg has acquired Mobility Concept from Unicredit Leasing GmbH, a wholly-owned subsidiary of UniCredit Bank AG (“HypoVereinsbank”) as well as from the founders. The closing of the transaction is still subject to regulatory approval.
In the announcement, Hg state that the company will invest approximately £13.8 million in Mobility, with other institutional clients of Hg investing alongside the Company through the Hg 8 Fund. Hg focuses on investments in the technology, services and industrial technology sectors and operates through a number of funds within the company’s structure; Hg 8 being one of them.
Mobility Concept GmbH
Founded in 2000, Mobility Concept is focused on the B2B* auto leasing space. It operates a fleet of approximately 25,000 vehicles under contract and focuses on blue-chip customers within its core sectors, mostly as a sole supplier.
The acquisition of Mobility is part of Hg’s strategy to develop technology-enabled service providers in the automotive financing space and is the result of work in the sector undertaken in recent years. This includes prior investments in Zenith , Epyx, Eucon , Parts Alliance and, most recently, MeinAuto.de .
Hg’s resources
In Hg’s statement, the company reports that, based on the 28 February 2018 NAV, the company’s liquid resources available for future deployment, including all announced transactions and the proposed dividend payable in April 2018, are estimated to be £156 million (22% of the 28 February 2018 NAV of £719 million). In addition, the company has access to an £80 million standby facility, which is currently unused. The investment will reduce the company’s pro-forma outstanding commitments to invest in Hg transactions over the next four to five years to approximately £654 million.
See also Hg Capital goes large
* B2B = business to business
HGT : Hg announces acquisition of German B2B fleet leasing company Mobility Concept