Novuna Vehicle Solutions Acquires BNP Paribas Rental Business

The BNP Paribas Leasing Solutions heavy truck contract hire business has been acquired by Novuna Vehicle Solutions in the U.K. (formerly Hitachi Capital Vehicle Solutions).

The acquisition, which includes a contract hire fleet of 1,300 specialist vehicles, is the first since Hitachi rebranded to Novuna in the U.K. in February this year.

BNP Paribas Leasing Solutions U.K. said its business would not be impacted by the disposal of its rental arm. In France, the Rental Solutions business continues unaffected by the sale of the U.K. arm.

“This is a special opportunity to continue to grow our business, evolving our specialist fleet services and the talented team who deliver first class customer services day in, day out,” commented Jon Lawes, managing director of Novuna Vehicle Solutions.

“The similarities that exist with the way we do business, our values, culture, and customer first-approach assure me that this is an exciting opportunity to strengthen our unique capabilities.”

French bank BNP Paribas owns leasing company Arval, which provides contract hire on cars and vans. In the U.K., Arval ranks number three in the FN50 table of leasing companies by fleet size; Novuna Vehicle Solutions ranks seventh.

Novuna Vehicle Solutions is a trading style of Mitsubishi HC Capital UK PLC, part of Mitsubishi HC Capital Inc., one of the world’s largest and most diversified financial groups, with over £60bn worth of assets.