SG Fleet Group Limited says it has successfully completed the acquisition of the Australian and New Zealand businesses of LeasePlan Corporation NV.
It paid A$273 million for the Australasian business and LeasePlan Corporation also received a 13% equity stake as part of the deal.
SG Fleet Group chief executive Robbie Blau says as part of the acquisition agreement LeasePlan Corporation chair and executive Tex Gunning will join the SG Fleet board.
The acquisition creates a A$2.5 billion company with a fleet management and leasing offering across the Australian and New Zealand markets, and more than 250,000 vehicles under management.
Under an international alliance agreement SG Fleet and LeasePlan will provide customer referrals and know-how to each other in markets where both companies do not compete.
Blau says it’s a significant milestone in the evolution of SG Fleet and the combined team is excited to start taking full advantage of the potential created by joining forces with a respected industry peer.
“It has been a pleasure to work with Tex and LeasePlan Australia and New Zealand managing director Spiro Haralambopoulos, and their teams, to bring these two businesses together.
“I look forward to Tex’s contributions as a director as we embark on a transformational journey for SG Fleet,” he says.
“LeasePlan and SG Fleet have created a leasing powerhouse in Australia and New Zealand. Together the combination will be in an even stronger position to lead the subscription megatrend and provide compelling products and services to customers,” Gunning says.
“We are very proud of the businesses we have built up in Australia and New Zealand and I would like to thank everyone for their contributions over the years. I look forward to working with the team at SG Fleet to take the business to the next level,” he says.
