M&A Deal Summary

Ardian, Goldman Sachs Merchant Banking and TDR Capital Acquires LeasePlan N.V.

On July 23, 2015, asset manager Ardian, private equity firm Goldman Sachs Merchant Banking and private equity firm TDR Capital acquired business services company LeasePlan Corporation N.V. from Volkswagen AG for 3.7B EUR

Acquisition Highlights
  • This is Ardian’s 18th, Goldman Sachs Merchant Banking’s 9th and TDR Capital’s 4th transaction in the Business Services sector.
  • This is Ardian’s 16th, Goldman Sachs Merchant Banking’s 11th and TDR Capital’s 1st largest (disclosed) transaction.
  • This is Ardian’s 9th, Goldman Sachs Merchant Banking’s 2nd and TDR Capital’s 2nd transaction in the Netherlands.

M&A Deal Summary

Date 2015-07-23
Target LeasePlan Corporation N.V.
Sector Business Services
Buyer(s) Ardian
Goldman Sachs Merchant Banking
TDR Capital
Sellers(s) Volkswagen AG
Deal Type Divestiture
Deal Value 3.7B EUR

Target

LeasePlan Corporation N.V.

Amsterdam, Netherlands
website
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.

Search 167,785 Deals Now

SEARCH BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Try For Free 7-Day Free Trial

Buyer(S) 3

Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor

website


Category Asset Manager
Founded 1996
PE ASSETS 125.0B USD
SizeMega
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 244 of 406
Sector (Business Services) 18 of 34
Type (Divestiture) 16 of 30
Country (Netherlands) 9 of 10
Year (2015) 18 of 25
Size (of disclosed) 16 of 67
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-14 IRCA S.p.A

Gallarate, Italy

IRCA is a manufacturer of ingredients and food products for pastry-making, baking and ice-cream retailing. IRCA was established in 1919 and is based in Gallarate, Italy.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-01 Santé Cie Group

Villeurbanne, France

Elivie is a home care provider. Elivie provides Respiratory Assistance, Infusion, Nutrition, and Insulin therapy services at home. Elivie is based in Villeurbanne, France.

Buy -
Buyer

Goldman Sachs Merchant Banking

New York, New York, United States

website


Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
SizeMega
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 116 of 172
Sector (Business Services) 9 of 13
Type (Divestiture) 11 of 12
Country (Netherlands) 2 of 3
Year (2015) 11 of 16
Size (of disclosed) 11 of 49
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-21 Piramal Realty

Mumbai, India

Piramal Realty is an Indian real estate developer that has over 16 million square feet under development in prime areas of Mumbai. Piramal Realty is part of the Piramal Group, one of India’s leading conglomerates with interests in healthcare and life sciences, financial services and real estate.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-12 SunGard Data Systems, Inc.

Wayne, Pennsylvania, United States

SunGard Data Systems, Inc. is a provider of software and processing solutions for the financial services industry, higher education, and the public sector in over 70 countries. SunGard also offers disaster recovery, managed IT, and information availability consulting services along with business continuity management software.

Sell $9.1B
Buyer

TDR Capital

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2002
PE ASSETS 8.0B EUR
SizeMega
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 17 of 24
Sector (Business Services) 4 of 4
Type (Divestiture) 6 of 7
Country (Netherlands) 2 of 2
Year (2015) 1 of 1
Size (of disclosed) 1 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-08 Keepmoat Ltd.

Doncaster, United Kingdom

Keepmoat Ltd. is a provider of integrated affordable housing development and community regeneration services. Keepmoat Ltd. is based in Doncaster, United Kingdom.

Buy £400M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-02 Keepmoat Ltd.

Doncaster, United Kingdom

Keepmoat Ltd. is a provider of integrated affordable housing development and community regeneration services. Keepmoat Ltd. is based in Doncaster, United Kingdom.

Sell £330M

Seller(S) 1

SELLER

Volkswagen AG

Wolfsburg, Germany

website


Category Company
Founded 1937
SectorAutomotive
Employees632,825
Revenue 193.1B EUR (2020)
DESCRIPTION
Volkswagen's North American headquarters in Herndon, Virginia.
Volkswagen's North American headquarters in Herndon, Virginia.

Volkswagen is a multinational automobile manufacturer. Volkswagen AG operates in four segments including power engineering, commercial vehicles, financial services, and passenger, cars. Volkswagen was founded in 1937 and is based in Wolfsburg, Germany.


DEAL STATS #
Overall 1 of 1
Sector (Business Services) 1 of 1
Type (Divestiture) 1 of 1
Country (Netherlands) 1 of 1
Year (2015) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-05-02 Wilhelm Karmann GmbH

Osnabruck, Germany

Wilhelm Karmann GmbH engages in the development and production of vehicles and components for the automotive industry. Wilhelm Karmann GmbH was founded in 1901 and is based in Osnabruck, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-09-06 Navistar International Corp.

Lisle, Illinois, United States

Navistar is a manufacturer of commercial trucks, diesel engines and parts, school and commercial buses, and automotive chassis. Navistar was formerly known as International Harvester. Navistar was founded in 1902 and is based in Lisle, Illinois.

Buy -