ALD and LeasePlan merge into mobility powerhouse
The combined entity now manages one of the largest EV fleets in the world.
ALD, the mobility subsidiary of Société Générale, has completed its acquisition of LeasePlan, resulting in one of the largest electric vehicle fleets worldwide. The transaction, valued at €4.8 billion, followed an announcement in January 2022.
A consortium led by TDR Capital raised the capital through cash and ALD shares. ALD added the “transformative acquisition” represented a “step-change”, positioning the combined group as a global sustainable mobility player with a total fleet of 3.3 million vehicles managed worldwide.
The integration is expected to generate annual run rate synergies of €440 million, achieved through operational optimization and increased efficiency.
In addition to the strategic benefits, ALD’s acquisition of LeasePlan also positions the company as a Financial Holding Company, subject to the regulatory oversight of the European Central Bank. This shift aligns with LeasePlan’s existing banking license, allowing the company to raise deposits under the Dutch deposit guarantee scheme. ALD maintains a strong capital position, which opens avenues for potential credit rating upgrades in the future.
Societe Generale, committed to its long-term majority shareholder role, holds 52.6% of ALD’s capital and is subject to a 40-month lock-up period. Former LeasePlan shareholders now possess 30.75% of the combined entity’s capital and have committed to a 12-month lock-up period. The remaining 16.6% represents the free float.
Effective immediately, LeasePlan’s financial results will be consolidated into ALD’s financial statements.
The combined company is also undergoing a structured management overhaul to streamline operations and optimize its leadership structure. As part of these changes, ALD will expand the number of members on its Board of Directors from ten to twelve individuals. Furthermore, the management will now consist of a General Management Team and an Executive Committee.
Taking the helm as the CEO of the combined entity is Tim Albertsen, who previously served as CEO of ALD. Assisting him in the General Management Team are John Saffrett, Deputy Chairman of the Board, and Berno Kleinherenbrink, former Chief Commercial Officer and Cluster Director at LeasePlan, now assuming the role of Group Deputy Chief Executive Officer. Together, they will spearhead the strategic direction of the company. Notably absent from the list of committee members is Tex Gunning, the former CEO of LeasePlan.
Albertsen expressed his excitement for the future: “Today marks the beginning of a new era in mobility. With our combined expertise and capabilities, we are well-positioned to seize the tremendous growth opportunities in the sector. Our focus will be on leveraging our unique position to lead the energy transition through innovative solutions and digital platforms, promoting the widespread adoption of sustainable mobility solutions, including low-emission vehicles and multi-mobility options. We are excited to embark on this new venture together and create value for all our stakeholders.”
While previous announcements named the company NewALD, no mention was made in today’s statement, which instead speaks of ALD Automotive | LeasePlan. The company provides leasing, subscription and fleet management services and multi-mobility solutions to a client base of corporates, SMEs, professionals and private individuals. The combined business has a direct presence in 44 countries.
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