M&A Deal Summary

TDR Capital, Goldman Sachs Merchant Banking and Ardian Acquire LeasePlan

On July 23, 2015, private equity firms TDR Capital, Goldman Sachs Merchant Banking and Ardian acquired business services company LeasePlan from Mubadala Capital and Volkswagen for 3.7B EUR

Acquisition Highlights
  • This is TDR Capital’s 4th, Goldman Sachs Merchant Banking’s 10th and Ardian’s 18th transaction in the Business Services sector.
  • This is TDR Capital’s 2nd, Goldman Sachs Merchant Banking’s 12th and Ardian’s 16th largest (disclosed) transaction.
  • This is TDR Capital’s 2nd, Goldman Sachs Merchant Banking’s 2nd and Ardian’s 8th transaction in the Netherlands.

M&A Deal Summary
Date 2015-07-23
Target LeasePlan
Sector Business Services
Buyer(s) TDR Capital
Goldman Sachs Merchant Banking
Ardian
Sellers(s) Mubadala Capital
Volkswagen
Deal Type Divestiture
Deal Value 3.7B EUR

Target

LeasePlan

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.

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Buyer(S) 3

Buyer

TDR Capital

London, United Kingdom

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2002
PE ASSETS 8.0B 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 17 of 24
Sector (Business Services) 4 of 4
Type (Divestiture) 6 of 8
Country (Netherlands) 2 of 2
Year (2015) 1 of 1
Size (of disclosed) 2 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-08 Keepmoat

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
2015-10-23 Lowell

Leeds, United Kingdom

Lowell acquires portfolios of charged off debt from a wide range of financial services companies and other lenders, and is now one of the leading players in the UK market. Lowell is based in Leeds, United Kingdom.

Sell -
Buyer

Goldman Sachs Merchant Banking

New York, New York, United States

website

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 115 of 178
Sector (Business Services) 10 of 14
Type (Divestiture) 11 of 12
Country (Netherlands) 2 of 4
Year (2015) 11 of 16
Size (of disclosed) 12 of 52
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. Piramal Realty is based in Mumbai, India.

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

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

Ardian

Paris, France

Investor Investor Investor Investor Investor

website

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 244 of 416
Sector (Business Services) 18 of 35
Type (Divestiture) 16 of 30
Country (Netherlands) 8 of 10
Year (2015) 18 of 25
Size (of disclosed) 16 of 67
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-14 IRCA

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 Sante Cie

Villeurbanne, France

Sante Cie is a public health services company specializing in community healthcare. Sante Cie is based in Villeurbanne, France.

Buy -

Seller(S) 2

SELLER

Mubadala Capital

Investor

website

Category Sovereign Wealth Fund
Founded 2002
PE ASSETS 276.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Mubadala Capital is a private equity firm focused on investing capital across a range of assets worldwide. The Firm primarily invests in private and public assets, but also considers credit, real estate, and alternatives. Mubadala invests in a variety of sectors including industrials, healthcare, energy, renewables, financial services, infrastructure, and business services. Mubadala Capital was founded in 2008 and is headquartered in Abu Dhabi, United Arab Emirates.

DEAL STATS #
Overall 1 of 5
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
2015-07-06 Dental Care Alliance

Sarasota, Florida, United States

Dental Care Alliance is a provider of a full suite of dental services, including general dentistry, hygiene, pediatric dentistry, orthodontics, endodontics, periodontics and oral surgery. Dental Care Alliance was founded in 1991 and is based in Sarasota, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-24 Strata

Abu Dhabi, United Arab Emirates

Strata is a combination of cutting-edge technology, state-of-the-art manufacturing processes, an integrated supply chain, and a high-caliber workforce, to industrialize and manufacture and sub assemble major aircraft structures such as wing movables and empennages, for the latest generation of commercial aircrafts. Strata was founded in 2009 and is based in Abu Dhabi, United Arab Emirates.

Buy -
SELLER

Volkswagen

Wolfsburg, Germany

website

Category Company
Founded 1937
Sector Automotive
Employees632,825
Revenue 279.2B EUR (2022)
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

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

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 -
Mergr

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