M&A Deal Summary

Ayvens Acquires LeasePlan

On May 23, 2023, Ayvens acquired business services company LeasePlan from TDR Capital, Goldman Sachs Merchant Banking and Ardian for 4.9B EUR

Acquisition Highlights
  • This is Ayvens’ 1st transaction in the Business Services sector.
  • This is Ayvens’ largest (disclosed) transaction.
  • This is Ayvens’ 1st transaction in the Netherlands.

M&A Deal Summary
Date 2023-05-23
Target LeasePlan
Sector Business Services
Buyer(s) Ayvens
Sellers(s) TDR Capital
Goldman Sachs Merchant Banking
Ardian
Deal Type Add-on Acquisition
Deal Value 4.9B EUR

Target

LeasePlan

Amsterdam, Netherlands
LeasePlan is a global provider of automotive fleet management and driver mobility services. Leaseplan operates in 32 countries and manages a fleet of over 1.55 million vehicles representing a total asset value of €21.4bn. LeasePlan was founded in 1963 and is based in Amsterdam, Netherlands.

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Buyer(S) 1

Buyer

Ayvens

Rueil-Malmaison, France
Category Company
Founded 1998
Sector Business Services
Employees14,500
Revenue 18.7B EUR (2023)
DESCRIPTION

Ayvens provides service leasing and vehicle fleet management services. Its products and services include full service leasing, fleet management, outsourcing solutions, and sale and lease back; fleet consultancy; and tools and services for fleet managers and drivers. The company is also involved in trading used cars and light commercial vehicles, and the retail sale of vehicles. Ayvens was founded in 1998 and is based in Rueil-Malmaison, France.

DEAL STATS #
Overall 1 of 1
Sector (Business Services) 1 of 1
Type (Add-on Acquisition) 1 of 1
Country (Netherlands) 1 of 1
Year (2023) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 3

SELLER

TDR Capital

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2002
PE ASSETS 15.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

TDR Capital is a private equity firm that targets large companies valued from €300 million to €1.5 billion. TDR has a particular interest in under-managed, under-invested or misunderstood companies which may be transformed through greater strategic and operational focus. TDR is sector agnostic, however the Firm has a preference for opportunities in the leisure/hospitality, financial services, and business services sectors. TDR Capital was formed in 2002 and is based in London.

DEAL STATS #
Overall 14 of 14
Sector (Business Services) 2 of 2
Type (Add-on Acquisition) 5 of 5
Country (Netherlands) 1 of 1
Year (2023) 1 of 1
Size (of disclosed) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-11 Arrow Global Group

Manchester, United Kingdom

Arrow Global Group provides debt purchase and receivables management solutions in the United Kingdom. Arrow Global Group was founded in 2005 and is based in Manchester, the United Kingdom.

Buy £563M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-01 Popeyes

London, United Kingdom

Popeyes is one of the world’s most recognised QSR brands, famous for its Louisiana style fried chicken and the brand’s signature chicken sandwich. Popeyes is based in London, United Kingdom.

Buy -
SELLER

Goldman Sachs Merchant Banking

New York, New York, United States
Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.

DEAL STATS #
Overall 109 of 109
Sector (Business Services) 9 of 9
Type (Add-on Acquisition) 37 of 37
Country (Netherlands) 3 of 3
Year (2023) 1 of 1
Size (of disclosed) 5 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-09 Blue Nile

Seattle, Washington, United States

Blue Nile is an online retailer of diamonds and fine jewelry. Blue Nile offers a customer experience that includes education, guidance, selection, customization capability, convenience and value. Blue Nile, Inc. was formed in 1999 and is headquartered in Seattle, Washington.

Sell $360M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-14 Kahoot!

Oslo, Norway

Kahoot! is a game-based learning platform that makes it easy to create, share and play fun learning games or trivia quizzes in minutes. Kahoot! is used in a variety of settings – in K-12 and university classrooms, corporate offices, social settings, and major sporting and cultural events. Kahoot! AS was founded in 2012 and is based in Oslo, Norway.

Buy Nkr17.2B
SELLER

Ardian

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.

DEAL STATS #
Overall 213 of 221
Sector (Business Services) 18 of 18
Type (Add-on Acquisition) 52 of 52
Country (Netherlands) 6 of 6
Year (2023) 3 of 6
Size (of disclosed) 2 of 34
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-17 ProService Hawaii

Honolulu, Hawaii, United States

ProService Hawaii provides HR solutions & also provides bundled solutions include configured HR technology, payroll, scheduling, HR consultations, health benefits management, administrative & risk management, workers’ compensation, 401(k), and regulatory compliance. ProService Hawaii was founded in 1994 and is based in Honolulu, Hawaii.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-14 Tom Barrow

Atlanta, Georgia, United States

Tom Barrow is a provider of HVAC solutions, that offers clients unmatched industry expertise and integrated services through benefit-driven collaboration with our design, engineering, and service professionals and the exceptional manufacturing companies we proudly represent. Tom Barrow is based in Atlanta, Georgia.

Buy -
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