HG CAPITAL takes majority stake in LEASEDRIVE GROUP

Brockhaus Technologies AG has entered into a definitive agreement to sell its approximately 52% majority stake in Bikeleasing to Decathlon Pulse SAS. The strategic rationale for Decathlon is to accelerate its transition into the high-growth corporate mobility sector and secure a market-leading digital platform in Germany. For Brockhaus Technologies, the sale represents a successful exit from one of its core "innovation champions," generating approximately €240 million in gross proceeds (based on Q3 2025 estimates). The deal is structured using a "closing accounts" concept, adjusting for net debt and working capital at the time of completion. The transaction remains subject to regulatory approvals and is expected to close in the first half of 2026.

doValue SpA has completed the acquisition of 100% of coeo Group from Waterland Private Equity. To maintain an asset-light business model, doValue plans to divest the portfolio of loans currently held on coeo’s balance sheet to a third-party investor for approximately €60–€70 million. The acquisition was financed via a €325 million bridge-to-bond facility. The strategic rationale for this transformational deal is to accelerate doValue’s diversification into the fast-growing BNPL and e-commerce segments while securing a strong foothold in Germany and Northern Europe. By integrating coeo’s "cAI" technological ecosystem, doValue significantly enhances its AI-driven automation capabilities, allowing it to manage higher volumes with superior efficiency. The merger shifts the group’s pro-forma revenue composition, with non-NPL revenues expected to reach approximately 55% by 2026. This move not only expands doValue’s geographic reach but also introduces a highly recurring and visible revenue profile through coeo’s established relationships with blue-chip multinational clients. The deal positions the combined entity as the leading AI-powered credit management platform in Europe, setting new standards for digital debt collection and customer experience.

Bridgepoint has acquired a majority stake in Spartfin from Groupe Mentor. This primary LBO follows a competitive auction process managed by Rothschild & Co, where Bridgepoint prevailed over other major sponsors including Eurazeo. As part of the transaction, the founder’s holding, Groupe Mentor, will reinvest alongside Bridgepoint to maintain a minority stake in the new structure. The strategic rationale for the deal is centered on the immediate creation of a massive financial services platform. Upon closing, Spartfin will absorb the credit brokerage activities of Kereis (formerly CEP), another major asset in Bridgepoint’s portfolio. This merger will combine Spartfin’s digital lead-generation prowess with Kereis’s established brokerage infrastructure, creating a multi-product leader in French personal finance. The synergy between the two entities is expected to significantly lower acquisition costs and expand the product offering across the credit and insurance brokerage spectrum. For Spartfin, the partnership provides the institutional backing and capital necessary to scale its digital model and consolidate its dominant market share in the French "regroupement de crédits" landscape.

The transaction involves a secondary LBO of Auxiga, where Andera Partners acquires a majority stake from IK Investment Partners, who had held the company for four and a half years. As part of the deal, the management team will significantly increase its shareholding to approximately 15%, ensuring strong alignment with the new sponsor’s growth objectives. The strategic rationale for the investment is based on the significant untapped potential of the French inventory-based lending market, where only a fraction of the total estimated 500 billion EUR in domestic inventory is currently utilized as collateral. Andera Partners aims to capitalize on the shift in market perception, as inventory pledges evolve from a "lender of last resort" solution into a standard liquidity tool comparable to factoring. The group intends to support Auxiga’s international expansion, specifically targeting the UK, Germany, and Spain, by leveraging its proven expertise in "floor-checking" services for multinational manufacturers.

B2Holding has acquired Nacc from the French private equity firm Pragma Capital, which had been the majority shareholder since a 2015 LBO. The transaction values Nacc at an Enterprise Value <€100 million. This deal was preemptive; while Nacc originally sought UK-based financing to fund its portfolio acquisitions, the process attracted B2Holding’s interest. The exit also marks the departure of ActoMezz, which had supported Nacc since 2015 with junior mezzanine and €15 million in business-specific bond lines. Under Pragma's ownership, Nacc significantly accelerated its debt purchasing, investing €68M in portfolios over the 2016-2017 period. The integration into B2Holding will provide Nacc with the pan-European scale and capital access required to further expand its share of the French NPL market.

HgCapital has entered into a definitive agreement to sell its entire majority shareholding in Zenith to private equity firm Bridgepoint. This divestment follows a highly successful investment cycle initiated by HgCapital's acquisition of Leasedrive in December 2013 and its subsequent strategic merger with Zenith in February 2014, a corporate consolidation engineered to capture substantial economies of scale. Under the new ownership structure, Bridgepoint will assume full control of the business, partner with the incumbent management team, and establish a new institutional framework to fund the company's next phase of commercial expansion. The acquisition provides to Bridgepoint operational control over a best-in-class vehicle outsourcing asset that features an unbroken track record of growth and a resilient business model, with future revenues highly predictable due to long-term commercial contract lock-ins. The post-closing corporate strategy will be led by the existing executive team under CEO Tim Buchan, focusing on sustaining double-digit compounding growth through continuous capital allocation toward proprietary system developments, enhanced customer service frameworks, and targeted international M&A and acquisition activity. The transaction was signed in January 2017 and is subject to customary closing conditions.

IK Investment Partners has acquired a controlling interest in Auxiga Group. This deal represents an entry-point investment into the specialized financial services sector, aiming to consolidate the group's undisputed leadership in the French and Belgian reference markets. The strategic rationale for the acquisition centers on professionalizing the group’s commercial strategy and developing cross-entity synergies to offer a broader range of asset-control services to banking partners. IK intends to support the management team in making inventory pledging a more dynamic and widely adopted financing tool for companies seeking to leverage their balance sheet assets. The investment plan includes the acceleration of growth opportunities through a modernized commercial approach and the potential for expansion into adjacent European geographies.

The acquisition of Capquest by Arrow Global brings together two complementary businesses, creating a larger, integrated group with enhanced capabilities in debt purchase and management. The combination of Capquest's in-house servicing platform and state-of-the-art collections system with Arrow Global's leadership in data enhancement, analytics, and supply chain management is expected to create a strong company, well-positioned to prosper in the current environment. The acquisition also adds a significant portfolio of assets at attractive returns, supporting Arrow Global's broad range of origination sources and extending its reach into new asset classes. The integration of the two businesses is expected to enhance the quality of the combined company's offering to customers and clients, while also positioning Arrow Global as a leading debt purchaser and manager in Europe.

HgCapital has entered into a definitive agreement to acquire a majority ownership stake in the parent company of Zenith Vehicle Contracts Group Limited from Morgan Stanley Global Private Equity (MSPE). The transaction leverages a strong consolidation rationale for the acquirer (with a fleet of 27k vehicles), which recently integrated Leasedrive, a direct competitor within the fleet management sector. By securing a short, exclusive due diligence window via its pre-emptive bid, HgCapital finalized corporate documentation with minimal disruption to the target's day-to-day business operations. While MSPE fully divests its shareholding, Zenith’s Chairman Andrew Cope will step down from his executive post but will maintain a minor financial reinvestment in the newly formed corporate group. Zenith's established management team, which built the independent vehicle outsourcing platform over a 25-year history, will remain intact under the executive leadership of Tim Buchan and Mark Phillips. To support the brand's next growth phase, the corporate governance framework will be expanded to include HgCapital representatives Andrew Land, Nick Turner, and Simon Cottle on the group's Board of Directors. The transaction officially closed on February 28, 2014, following customary regulatory clearances.

Morgan Stanley Private Equity (MSPE) has entered into a definitive agreement to acquire a 60% majority controlling stake in Zenith Vehicle Contracts Group Limited. The equity interest is being acquired through a management buyout from funds advised by Barclays Private Equity (BPE) and Zenith’s management team. Under the transactional framework, Zenith’s executive team will roll over a portion of their equity to retain a 40% minority stake in the business. The transaction is subject to standard regulatory approvals and marks the company's fourth buyout in seven years for the Leeds-based corporate car leaser. It also represents the sixth investment deployed on behalf of the Morgan Stanley Capital Partners V fund.