ALD Automotive announced May 22 that it has successfully acquired LeasePlan from a consortium led by TDR Capital, for €4.8 billion ($5.2 billion).
As a result of the acquisition, the combined group will have a total of 3.3 million managed fleet vehicles in its worldwide portfolio.
Following today’s closing of the acquisition of LeasePlan, ALD becomes a financial holding company, a regulated institution supervised by the European Central Bank. Societe Generale will remain the long-term majority shareholder of ALD, with 52.6% of the capital and a 40-month lock-up period. The former LeasePlan shareholders hold 30.75% of the combined entity’s capital and are subject to a 12-month lock-up commitment, while the free float represents 16.6%.
Starting from 22 May 2023, the results of LeasePlan will be consolidated into the financial statements of ALD.
In a separate statement, LeasePlan Corporation N.V. announced on May 22 governance changes following the completion of the acquisition.
Supervisory Board Changes
The following members of the LeasePlan Supervisory Board will step down:
- Jos Streppel (Chairman)
- Stefan Orlowski
- Eric-Jan Vink
Managing Board Changes
The following members of the LeasePlan Managing Board will step down:
- Tex Gunning, chief executive officer
- Toine van Doremalen, chief financial officer
- Jochen Sutor, chief risk officer
Tex Gunning Statement
“With the merger of ALD and LeasePlan we have created one of the most exciting mobility companies in the world,” Gunning said in a news release. “The merged business will be in pole position to take full benefit of the expected accelerated growth for sustainable car subscriptions and will have the resources to transform from an analogue business model to a digital business model, delivering digital services at digital cost levels.
“The merger has only been made possible by the dedication and talent of all ALD and LeasePlan employees around the world, as well as the support of our customers, suppliers, and shareholders,” Gunning added.
“I feel very grateful to have been a part of this exciting chapter in LeasePlan’s and ALD’s history and I look forward to seeing the combined business thrive and take full advantage of this unique merger.”
Changes to the ALD Board of Directors
ALD has increased the number of its board of directors from 10 to 12 members with the following appointments:
- Hacina Py, chief sustainability officer of Societe Generale
- Mark Stephens, partner at TDR Capital
New Leadership Teams at ALD
To lead the strategic development of the combined entity, Tim Albertsen, chief executive officer of ALD SA, has created a new leadership team comprised of a general management team and a newly formed executive committee.
General Management Team:
- Tim Albertsen, chief executive officer
- John Saffrett, current group deputy chief executive officer of ALD SA
- Berno Kleinherenbrink, previously Chief Commercial Officer and cluster director of LeasePlan, now Group Deputy CEO.
ALD SA’s executive committee includes 13 members divided into people, financial, and commercial divisions as well as regions.
Originally posted on Automotive Fleet
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