Fraikin Group acquired by consortium
Fraikin Group has been acquired from CVC Capital Partners by a consortium led by Alcentra and Verde Partners for an undisclosed amount.
The acquisition of parent holding company FTI will see the Fraikin Group – one of the largest commercial vehicle fleet services specialists in Europe – recapitalised, with a significant reduction of its holding debt by approximately €500m.
Established in France in 1944 by Gérard Fraikin, the group collectively manages in excess of 58,000 vehicles in Europe and saw its third consecutive year of growth in 2017, with strong performances from long-established markets in France, Spain, the UK and Poland as well as new operations in Italy, Germany and Saudi Arabia. It also opened a subsidiary in Dubai earlier this month.
Changes have already seen the launch of new branding to drive the group’s four core values – reliability, responsibility, smart and expertise – while the plans to restructure the group’s debt and drive growth will also be explored.
Speaking at the first meeting of the new board of directors, group CEO Pierre-Louis Colin said: “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.”For more of the latest industry news, click here.