AURELIUS Equity Opportunities SE & Co. is to acquire end-to-end commercial fleet management operator, BT Fleet Solutions from BT Group Plc, it was announced today. Both parties have agreed not to disclose the purchase price and the transaction is due to complete in H2 2019.
Headquartered in Solihull, BT Fleet Solutions offers a comprehensive suite of fleet management services across all stages of the vehicle life cycle, through its network of 65 in-house garages, 500 partner facilities and 50+ mobile technicians.
Established in 2002, BT Fleet Solutions employs around 950 staff around the UK, and manages more than 80,000 vehicles for over 26 blue chip customers across diversified industries. The latest published statutory accounts for 2017/18 for BT Fleet Ltd show revenues of £209.5m and its industry leading position leaves it well placed to capture the high levels of growth available in the UK’s fleet management market.
The divestment of BT Fleet Solutions aligns with BT’s ongoing transformation programme and strategy of focusing on converged connectivity and services, with further investments in both its fixed and mobile networks via programmes such as full fibre and 5G.
Dr. Dirk Markus, Group-CEO and Chairman of the Executive Board of AURELIUS, commented: “This acquisition is a further example of AURELIUS’ specialism in acquiring non-core divisions that have been carved out of large corporates, and are in need of operational support to transform them into standalone, sustainable organisations. BT Fleet Solutions is a strong business with a high calibre customer base. We look forward to working with management to ensure a smooth transition in the coming months, positioning the company as an independent entity that is ready to capture the significant growth opportunity available in the UK market.
“This is another exciting development for AURELIUS this year, following our recent sale of Solidus Solutions, our largest exit to date. This deal is a demonstration of our continued interest in the UK market, which presents a number of compelling opportunities for us as a result of the ongoing economic and political uncertainty that has arisen out of Brexit.”