A consortium of investors has acquired European commercial fleet lessor Fraikin for an undisclosed amount.
Fraikin parent holding company FTI was bought by a consortium of investors led by Alcentra and Värde Partners.
Following this transaction, the Group will be recapitalized, with a significant reduction of its holding debt by approximately €500m.
The new board of directors held its first meeting yesterday. Group chief executive Pierre-Louis Colin, said: “Fraikin is embarking on a new phase with this agreement to restructure the Group’s debt and arrange this controlling interest transaction. I am pleased and proud to continue the work that we have been doing for years. We now have all of the necessary ingredients to go forward and propose a bold, long-term strategic plan that harnesses the full potential of the company”.
In 2017, Fraikin Group achieved its third consecutive year of growth in countries where the group has long been present (mainly France, Spain, the United Kingdom and Poland), as well as strong growth in its new markets (Italy, Germany, and Saudi Arabia).
More recently, Fraikin has continued its organic growth with a new subsidiary that opened in Dubai on the 18th of April.
On this firm footing, the Group will embark on a strategic plan for transformation and growth.
The lessor also redesigned the visual branding of its corporate logo and ephemera to help signal the change.
Fraikin had €683m in turnover in 2017, with over 58,000 vehicles in circulation in 15 countries and 2,800 employees.