A consortium led by Volkswagen has secured 87.38% of Europcar share capital in a tender offer, ensuring that it will become the controlling majority shareholder of the group. 

Caroline Parot, the current CEO of Europcar Mobility Group, will leave the company to pursue new professional interests

The consortium, which also includes London-based asset manager Attestor Limited and Dutch mobility provider Pon Holdings BV, announced its offer a year ago. It’s been made through the consortium’s dedicated ‘Green Mobility Holding’ company that’s jointly held by members, with Volkswagen taking a 66% share.  

The deal marks a return to Europcar ownership for the Volkswagen Group, which owned the company in 1990s and sold it to French investment firm Eurazeo for around £1bn in 2006.  

In line with the announcement that the bidder consortium will become the majority shareholder of Europcar Mobility Group, current CEO Caroline Parot has announced her intention to stand down.   

Parot joined Europcar Mobility Group in 2011 and became CFO in March 2012 and then CEO in 2016. She is credited with having led the company’s transformation which is still ongoing.   

Caroline Parot commented: “I am delighted to have led this transformation over the last years, driven by the group’s purpose – to offer attractive alternatives to vehicle ownership in a responsible and sustainable way – and constantly adapting to various unprecedented situations and market conditions which developed the company’s resilience.   

“I will be leaving the group with a sense of fulfilment, as it is now perfectly positioned, with its new reference shareholder, to make the most of rapidly reshaping mobility ecosystems. I would also like to praise the Europcar Mobility Group’s teams, whose commitment and customer dedication made – and will continue to make – a decisive difference.”   

Green Mobility Holding is planning to replace Europcar Mobility Group’s current single-tier board of directors with a two-tier set-up that includes a supervisory board and a management board – this would become effective after the group’s AGM and is subject to its approval.  

Five members of the bidder consortium would join the newly created Supervisory Board, including Volkswagen’s Holger Peters who is proposed as chairman. 

Peters said: “Europcar Mobility Group is facing a major transformation from a traditional rent-a-car business to a tech company in the field of future mobility. With the support of the consortium, the group will have to continue its transformation and invest hundreds of millions to upgrade its infrastructure, increase its agility and enhance its overall offering over the next couple of years. I am looking forward to working closely with the future management team of Europcar Mobility Group on this major challenge.”  

Christian Dahlheim, CEO of Volkswagen Financial Services and project lead for the Europcar Mobility Group transaction, thanked Caroline Parot for her work, saying she played a decisive role in kicking off Europcar Mobility Group’s transition into a modern provider of mobility solutions and services.  

“She has navigated the company safely through very difficult times, dealing with financial stress, the Covid pandemic and, most recently, the impacts of the war in Ukraine. We thank Caroline for her extraordinary achievements for the group, her outstanding commitment and her willingness to support the transition to a future Management Board.”   

Speaking at the time of the tender offer last year, Parot said that the bid had the potential to “supercharge” the group’s growth, enabling it to strengthen its customer proposition, by developing sustainable alternatives to vehicle ownership and helping mobility ecosystems adapt to current and future challenges.  

The bidder consortium has also restated its offer to Europcar shareholders who’ve not yet tendered their stock. It’s offering €0.50 per share, rising to €0.51 if 90% or more of shareholders take up the bid.