Fraikin Group, the FN50 No47 van and truck leasing and fleet management company, has been acquired by a consortium led by Alcentra and Värde Partners.
Following the transaction, the group will be recapitalised, with a significant reduction of its holding debt by approximately €500 million (£437m).
Fraikin parent company FTI has been looking for an investor for the past couple of years. A deal with refrigerated vehicle rental firm Petit Forestier fell through last year after opposition from the French Competition Authority.
The new board of directors held its first meeting yesterday (April 24).
Group CEO Pierre-Louis Colin (pictured) said: “Fraikin is embarking on a new phase with this agreement to restructure the group's debt and arrange this controlling interest transaction.
"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.”
Fraikin provides services for more than 58,000 vehicles in 15 countries. In the UK, it funds almost 1,000 vans, with more under fleet management, and more than 2,000 trucks.
In 2017, the group achieved its third consecutive year of growth based on robust performance in countries where the group has long been present (mainly France, Spain, the UK and Poland), as well as strong growth in its new markets (Italy, Germany, and Saudi Arabia).
Fraikin will now embark on a strategic plan for transformation and growth, while remaining committed to its stated mission to offer the best services and investment solutions for commercial and industrial vehicles.