Vahid Daemi: “The start of a new era for LeasePlan”

LeasePlan’s new 100% shareholder is LP Group B.V., which represents a consortium composed of a group of long-term responsible investors and includes leading Dutch pension fund service provider PGGM, Denmark’s largest pension fund ATP, GIC, Luxinva S.A., a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and investment funds managed by TDR Capital LLP.

Manjit Dale, founding partner at TDR Capital LLP, on behalf of LP Group B.V. added:  “We are excited to have completed the acquisition of the market leader in global fleet management and driver mobility. We strongly believe in the future of LeasePlan, a company with an unmatched portfolio of market-leading assets, loyal clients, a highly dedicated employee base and a sound strategy for the future, under highly experienced management. We all look forward to supporting the management team as they continue their focus on growing the business.”

The acquisition with a total value of €3.7 billion, has been financed with an equity investment of approximately half of the total purchase price, a mandatory convertible note of €480 million and on 16 March 2016 completed offer of senior secured notes comprising of euro-denominated senior secured notes due 2021 and US dollar-denominated senior secured notes due 2021 in total amounting to approximately €1.6 billion.

None of the debt raised by the Investors has been borrowed by LeasePlan and the company will not be responsible for the repayment of such debt. LP Group B.V. will maintain LeasePlan’s diversified funding strategy going forward supported by its investment grade rating.

Supervisory board members

Effective today the Supervisory Board members associated with LeasePlan’s former (indirect) shareholders resigned, while Ada van der Veer and Herta von Stiegel continue to serve as independent members. Following new appointments the Supervisory Board now consists of seven members, five of which are independent: Jos Streppel (Chairman), Stefan Orlowski, Steven van Schilfgaarde, Herta von Stiegel and Ada van der Veer. Members associated with the Consortium are Manjit Dale and Eric-Jan Vink.