Novuna Vehicle Solutions has bought the assets and contracts of BNP Paribas Rental Solutions in the UK for an undisclosed sum.
The leasing company, which offers truck contract hire services, operates a contract hire fleet of more than 1,300 specialist vehicles in the UK.
The French bank BNP Paribas also owns Arval, which is the third biggest leasing company in the UK, according to the FN50.
Whereas Arval’s focus is cars and vans, BNP Paribas Rental Solutions focuses on the heavier end of the fleet market.
The core operations of BNP Paribas Leasing Solutions UK will not be impacted by the sale, it says, nor will it impact on BNP Paribas Rental Solutions business in France where the company is a leading market player.
Novuna Vehicle Solutions, formerly Hitachi Vehicle Solutions, has a risk fleet of almost 80,000 cars and vans and was ranked seventh in the FN50.
Including its existing heavy vehicle fleet, the leasing company operates in excess of 95,000 vehicles.
Jon Lawes, managing director of Novuna Vehicle Solutions, said: “This is a special opportunity to continue to grow our business, evolving our specialist fleet services and the talented team who deliver first class customer services day in, day out.
“The similarities that exist with the way we do business, our values, culture and customer first approach assure me that this is an exciting opportunity to strengthen our unique capabilities.”
EY acted as lead financial adviser to BNP Paribas Leasing Solutions on the transaction.
The rebrand to Novuna, which means ‘new together’, was announced last year, following the merger of Hitachi Capital Corporation with Mitsubishi UFJ Lease and Finance Company, forming Mitsubishi HC Capital.