Fleet News

ALD agrees deal to buy LeasePlan for £4.1bn


ALD has agreed to buy LeasePlan for €4.9 billion (£4.1bn), with the new leasing powerhouse to be called NewALD.

The leasing company, which is owned by French bank Societe Generale, has signed a memorandum of understanding to acquire 100% of LeasePlan from a consortium led by TDR Capital.

LeasePlan is one of the world's largest leasing companies, with approximately 1.9 million vehicles in more than 30 countries.

In the UK, LeasePlan was ranked as the fourth largest leasing company, according to FN50 2021, with a risk fleet of more than 177,000 cars and vans.

ALD Automotive operates in 43 countries, with a similar sized global vehicle parc to LeasePlan. It was ranked fifth in FN50 2021, with a risk fleet of more than 145,000 cars and vans.

The combined risk fleet of NewALD in the UK would make it the largest leasing company, with more than 300,000 vehicles, replacing Lex Autolease at the top of the FN50.  

Tim Albertsen, chief executive officer at ALD, who will become CEO of NewALD, said: “Today marks the beginning of a new chapter in our history as a first step towards creating NewALD.

“In the context of today’s transformation of the automotive and mobility sectors, which is proceeding at an unprecedented pace, this proposed transaction is instrumental in the creation of a leading global player in mobility.

“By combining the multiple strengths of ALD and LeasePlan, gaining size, joining forces in digital and creating a leading provider of sustainable mobility solutions, we would transform our industry and be best positioned to deliver even better solutions and value propositions to our enlarged client base.

“This transaction would create multiple opportunities to the joint management teams and talents of both companies, across geographies, underpin our focus on sustainability with a clear path to zero emissions mobility and not least deliver strong shareholder returns over the cycles.

“We are all very excited about the prospect of being part of this new venture.”

ALD says that given both companies digital solutions, NewALD will be well-placed to grasp new growth opportunities in the mobility sector.

This, it says, will be further boosted by cross selling their respective products and developing ALD’s partnerships through LeasePlan’s footprint.

Powered by its enlarged offering, geographic presence, and extensive digital capabilities, NewALD would expect to drive strong growth across all client categories and lift annual fleet growth to at least 6% post-integration.

Tex Gunning, chief executive officer of LeasePlan, said: “The combined business would be instrumental in moving the automotive industry from ownership to subscription models and zero-emission mobility.

“By joining forces with ALD, we combine the best talents in the industry with the investment power needed to meet the next generation mobility needs of our customers.

“From day one, NewALD would be operating one of the largest fleets of electric vehicles and will continue to set the standard for ESG in the mobility industry.

“I am very proud of all LeasePlanners for bringing our business to where it is today. We are looking forward to working with the excellent team at ALD and taking our combined business into the exciting future of mobility.”

In terms of integrating the two companies, the management says its main objectives would be to "leverage best practices from both sides, maintain a high quality of service to all clients with a strong focus on commercial dynamics and the creation of a common culture driving staff motivation".

An Integration Management Office (IMO) will be set up in this year to leverage the “best talents” of the two companies, which would finalise a joint migration plan.

The deal has the support of Societe Generale’s, ALD’s and LeasePlan’s Boards of Directors, as well as LeasePlan’s Supervisory Board, and is subject to regulatory approval.  It is expected to be completed by the end of 2022.

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