Volkswagen Financial Services has bought a 60% stake in Fleet Logistics, with fleet management services from both companies to be merged.
The remaining 40% of the company's shares are held by the former sole shareholder TÜV SÜD Auto Service GmbH, headquartered in Munich, a wholly-owned subsidiary of TÜV SÜD AG.
"Together with our strategic partner TÜV SÜD, we will bundle and further develop our mobility offers for fleet customers,” said Lars Henner Santelmann, chairman of the management board of VWFS.
“The strong international focus of Fleet Logistics, in particular, excellently complements our own global financial services activities.”
The two shareholders have agreed to maintain the brand neutrality of Fleet Logistics. The goal is to create a complete range of products and services for the customer in which travel and fleet management are combined, it said.
The completion of the transaction is subject to merger control approval by the relevant antitrust authorities. Both parties have agreed not to disclose the purchase price.
Patrick Fruth, CEO of the mobility division of TÜV SÜD, said: "This strategic partnership enables us to deliver significant added value to our fleet customers.
“We have resolved to transfer the existing business model to intermodal mobility. To this end, we will be able to offer additional services from the joint venture in the future.
“We have also agreed to retain the brand neutrality of the vehicle portfolio and the independence of leasing companies."
The business of Car Mobility, a wholly-owned subsidiary of Volkswagen Financial Services, will be transferred to Fleet Logistics. Car Mobility has been operating in Germany as an independent fleet management company since 2006 and had around 40,000 contracts on its books at the end of 2018.
"Car Mobility has developed very positively in Germany over recent years, has built up a large customer base and has established many new products in the market," said Santelmann. "But in order to continue this trend, we need economies of scale that can only be effectively achieved by expanding our business internationally. That is exactly what is now feasible by bundling activities at Fleet Logistics."
FleetLogistics was founded in 1996. The company employs around 360 people worldwide and operates in over 70 countries. Its clients include large national and international fleet customers.
With a total portfolio of around 200,000 vehicles, Fleet Logistics is one of the world's largest independent providers of fleet management services. Services are divided into three main areas: fleet management, fleet consulting and fleet reporting.