AURELIUS acquires Pullman Fleet Services from Wincanton plc
- Acquisition of market-leading commercial fleet management business, servicing blue chip customers across the UK
- As a standalone business, Pullman will focus on growth and expanding its offering into related services including accident management and vehicle leasing
- AURELIUS will work with Pullman to develop further commercial and growth opportunities through potential collaboration with AURELIUS-owned Rivus Fleet Solutions
- Pullman is AURELIUS’ second carve-out announced in two weeks, underscoring its expertise in complex carve-outs, and marking another successful acquisition of a unique asset in fleet services
Munich/London, November 5, 2020 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN: DE000A0JK2A8) (“AURELIUS”) today announces that it has agreed to acquire Pullman Fleet Services from Wincanton plc. As a market leader with a particular focus on heavy goods vehicles (“HGV”) in the UK, Pullman Fleet Services (“Pullman”) will complement AURELIUS-owned Rivus Fleet Solutions (“Rivus”) which has an offering for light commercial vehicles (“LCV”s).
Headquartered in Doncaster, Pullman Fleet Services is the UK’s largest independent provider of commercial fleet management and maintenance, with a focus on heavy goods vehicles. Pullman has a strong reputation and track record for excellence, throughout 35 years of providing a reliable, flexible and quality service offering, and will be further supported under the ownership of AURELIUS.
Pullman is the second complex carve-out executed by AURELIUS in two weeks, following the announcement of its acquisition of GKN Wheels & Structures from GKN.
Pullman reported revenues of £44m in the financial year 2019/2020. With 27 service centres, over 70 mobile service vehicles, and more than 430 employees and highly trained technicians, Pullman’s offering provides a full suite of services for HGV and LCV fleet management outsourcing, repair and maintenance, and pay as you go flexibility depending on a customer’s needs.
AURELIUS will capitalise on Pullman’s position as the only multi-marque operator of scale for HGVs in the UK, welcoming the business into a portfolio that includes Rivus Fleet Solutions, formerly BT Fleet Solutions, and deploying in-house operational expertise to maximise the commercial potential. Pullman’s blue chip customer base operates across the retail, logistics, industrial and service sectors, with a strong growth outlook and sales pipeline. 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. Headquartered in Solihull, Rivus Fleet Solutions offers a comprehensive suite of fleet management services, through a network of 55 locations, supported by 800 employees and mobile technicians.
Commenting on today’s announcement 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. 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.”