Private equity company Aurelius has bought Pullman Fleet Services from Wincanton for an undisclosed amount.
Headquartered in Doncaster, Pullman Fleet Services is an independent provider of commercial fleet management and maintenance, with a focus on heavy goods vehicles.
Aurelius says the HGV-focused Pullman business will compliment Rivus’s focus on light commercial vehicles (LCVs).
Dr Dirk Markus, CEO of Aurelius, said: “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.”
Pullman reported revenues of £44 million in the financial year 2019/2020. It boasts 27 service centres, more than 70 mobile service vehicles, and more than 430 employees and technicians.
It offers a suite of services for HGV and LCV fleet management outsourcing, repair and maintenance.
Pullman’s blue-chip customer base operates across the retail, logistics, industrial and service sectors, with a strong growth outlook and sales pipeline, said Aurelius.
The business will also continue in partnership with Wincanton as its preferred supplier for fleet management, repairs and maintenance following completion.
Joining the Aurelius portfolio of companies will enable Pullman to take advantage of expertise and market potential developed through its ownership of Rivus Fleet Solutions, it says.
Headquartered in Solihull, Rivus Fleet Solutions offers a suite of fleet management services, through a network of 55 locations, supported by 800 employees and mobile technicians.
Markus said: “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.”
Aurelius is a pan-European investment group with offices in Munich, London, Stockholm, Madrid and Amsterdam. Since it was founded in 2006, AURELIUS has grown from a local turnaround investor to an international multi-asset manager.
It currently has 22 portfolio companies located across Europe which employ around 15,000 people and generate annual revenues of approx. EUR 3.4 billion.
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.”