German company on road to growth with acquisition of Yorkshire fleet management firm
A Yorkshire fleet management company is set to be acquired by a German firm for an undisclosed amount.
Pullman Fleet Services, headquartered in Doncaster, will be acquired by AURELIUS Equity Opportunities, an asset management group based in Grünwald.
AURELIUS, which owns light commercial vehicles firm Rivus Fleet Solutions, has said that Pullman’s focus on heavy goods vehicles will complement its existing portfolio.
Pullman reported revenues of £44m last year and operates 27 service centres, more than 70 mobile service vehicles, and employs more than 430 employees.
Dr Dirk Markus, CEO of AURELIUS, commented: “I am delighted Pullman Fleet Services is joining our portfolio, shortly after we agreed to acquire GKN Wheels & Structures from GKN.
“AURELIUS will empower Pullman to capitalise on the strong market growth potential and develop an expanded service offering, for example in leasing and accident management in the months ahead, alongside our portfolio company Rivus Fleet Solutions.
“Despite the significant uncertainty created by the Covid-19 pandemic, this transaction demonstrates our confidence in the strong position of AURELIUS, our ability to transact through downturns, and build a portfolio of companies that will grow and thrive across multiple sectors throughout Europe.
“Complex carve-outs are a unique expertise of AURELIUS, our investment and operational teams.
“Following from the successful acquisitions of Pullman and GKN Wheels, AURELIUS expects to see another increase in special situations and divestment opportunities in the months ahead.”
Tristan Nagler, UK managing director of AURELIUS, said: “I would like to welcome Pullman to the AURELIUS Group, and look forward to partnering with the management team on the next stage of its journey with us.
“We have confidence that our operational experts, and deep experience in fleet services with Rivus Fleet Solutions, working alongside management will ensure the standalone Pullman business has a solid platform from which to capture the significant growth opportunity available in the UK market.”
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