Volkswagen Financial Services (VFS) has taken a 60% stake in FleetCompany, based in Oberhaching, Bavaria, which operates worldwide under the brand name FleetLogistics in over 70 countries.
The remaining 40% of the company's shares are held by the former sole shareholder TUV SUD Auto Service, headquartered in Munich, a wholly-owned subsidiary of TUV SUD.
"Together with our strategic partner TUV SUD, we will bundle and further develop our mobility offers for fleet customers. The strong international focus of FleetLogistics, in particular, excellently complements our own global financial services activities," said Lars Henner Santelmann, chairman of the management board of VFS.
The two shareholders have agreed to maintain the brand neutrality of FleetLogistics. The goal is to create a complete range of products and services for the customer in which travel and fleet management are combined. The completion of the transaction is subject to merger control approval by the relevant antitrust authorities. Both parties have agreed not to disclose the purchase price.
"This strategic partnership enables us to deliver significant added value to our fleet customers. We have resolved to transfer the existing business model to intermodal mobility. To this end, we will be able to offer additional services from the joint venture in the future. We have also agreed to retain the brand neutrality of the vehicle portfolio and the independence of leasing companies," said Patrick Fruth, CEO Mobility Division TUV SUD.
In the context of the strategic realignment, it is planned to transfer the business of CarMobility, a wholly-owned VFS subsidiary, to FleetLogistics. CarMobility has been operating in Germany as an independent fleet management company since 2006 and had around 40,000 contracts on its books at the end of 2018.
"CarMobility has developed very positively in Germany over recent years, has built up a large customer base and has established many new products in the market," Santelmann said.
"But in order to continue this trend, we need economies of scale that can only be effectively achieved by expanding our business internationally. That is exactly what is now feasible by bundling activities at FleetLogistics."
FleetLogistics was founded in 1996. The company employs around 360 people worldwide and operates in over 70 countries. Its clients include large national and international fleet customers. With a total portfolio of around 200,000 vehicles, FleetLogistics is one of the world's largest independent providers of fleet management services. The spectrum of services is divided into three main areas: fleet management, fleet consulting and fleet reporting.