Description

Headquartered in the Netherlands, LeasePlan Corporation (“LeasePlan”) is the world’s leading fleet management and driver mobility company. Since its inception in 1963, LeasePlan has been at the forefront of market developments and the company now employs over 8,100 staff in operations across 32 countries.

LeasePlan’s full-service offering consists of financing and operational fleet management services to meet the needs of a diverse client base, including large multinational companies, public sector entities and SMEs. Its fleet is comprised of a diverse mix of vehicles from a variety of the largest global manufacturers.

LeasePlan is also well positioned to capitalise on the on-going trends in the automotive industry through its suite of innovative mobility solutions, such as corporate car sharing programmes and integrated multi-modal transport schemes.

Transaction

During 2013, TDR identified LeasePlan as an attractive acquisition target as part of a thematic origination review within the financial services space. LeasePlan appeared to be an undermanaged ‘corporate orphan’ within the Volkswagen Group (“VW”), with a market-leading position in an attractive sector that benefits from high quality asset backing and recurring contractual revenue streams.

During 2014, we assembled a consortium of leading global investors with the financial capacity and credentials needed to acquire a regulated financial institution of LeasePlan’s size. Before formally approaching VW, we spent months designing a bespoke transaction structure to address the many complexities involved in extracting the business from VW’s ownership.

These efforts were rewarded when VW agreed to engage with us. We agreed to acquire LeasePlan in July 2015, ultimately completing the transaction in March 2016 after having secured regulatory approval from the ECB.

What we've done

Since TDR’s investment the business has undergone significant transformation with the new management team developing and proceeding to rapidly implement an operational overhaul to streamline decision-making and best practice sharing across divisions and geographies. In addition the company launched a number of new commercial initiatives and a new mobility strategy, to take advantage of changing market dynamics driven by a shift from car ownership to car-as-a-service. The reorganisation of the business and new commercial strategy has had a strong impact on LeasePlan’s core net income and has further strengthened LeasePlan’s position as the market leader. The next phase of the operational transformation is focused on the digitisation of LeasePlan, transforming the operations of the business as well as the customer experience.

In 2017 LeasePlan launched CarNext.com – an online B2C marketplace for high-quality used cars in Europe. CarNext.com has grown to become a leading European online platform for the sale of used cars direct to the consumer.