Hg closes sale of MeinAuto Group divisions to the Renault Group
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Hg confirms sale of 'MeinAuto’ and ‘Mobility Concept’ divisions to Mobilize Lease & Co, a subsidiary of Mobilize Financial Services, part of the Renault Group.
Following the sale Hg remains invested in Athletic Sport Sponsoring, a leading flat-rate car subscription provider in Germany.
Chaichana Sinthuaree named as CEO for Athletic Sport Sponsoring, having joined at the start of 2024, to lead the new standalone business.
Cologne, Germany. 2 January 2024. Hg, a leading investor in European and transatlantic software and services businesses, today confirms it has closed the sale of the 'MeinAuto’ and ‘Mobility Concept’ divisions of MeinAuto Group, to Mobilize Lease & Co, a subsidiary of Mobilize Financial Services, which is part of the Renault Group.
MeinAuto Group was formed as a leading online retailer for new cars in Germany, transforming traditional vehicle retailing from an offline service to an integrated digital delivery model. The business was established in 2018 following Hg’s initial investment in MeinAuto.de, a leading B2C online platform for car purchases.
Following the sale of the Mobility Concept and MeinAuto.de businesses, which represent €1 billion in fleet assets, a fleet of 50,000 vehicles and 250 employees, Hg will remain invested in Athletic Sport Sponsoring, a leading flat-rate car subscription provider in Germany and previous division of MeinAuto Group, which will be built out as a standalone business.
Athletic Sport Sponsoring will be led by new CEO, Chaichana Sinthuaree, who joins the business from Eckes-Granini where he was CMO, prior to which he was CEO of Ogilvy, the global advertising business. Chaichana will lead the team, with support from Hg, to drive value creation levers in branding, sales and technology, further building on the business’ consistent fleet growth, which has almost doubled during Hg’s ownership.
Rudolf Rizzoli, CEO of MeinAuto Group, said: “We would like to thank Hg for the five years together. Without this partnership it would not have been possible to build up MeinAuto as a leading online platform for digital new car sales in Germany. With trust in our entrepreneurship and our understanding of the sector, Hg always supported us to make this exciting development possible.”
Justin Von Simson, Managing Partner at Hg, said: “It has been a great journey and partnership with Rudolf, Marc and the whole MeinAuto team. Together we created a new B2C online auto leasing offering through combining Mobility Concept’s leasing capabilities and MeinAuto.de’s online car sales platform. Mobilize as part of the Renault Group will be a great home to continue this journey in Europe with one of the leading car OEMs. We look forward to working with Chaichana as part of the new Athletic Sport Sponsoring team, as we look to build this division into a thriving business in its own right.”
The terms of the transaction have not been disclosed. For more information about the sale, please find an announcement by Mobilize Lease&Co earlier this year: https://www.mobilize-fs.com/en/news/mobilize-leaseco-subsidiary-mobilize-financial-services-announces-acquisition-german-company
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Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers.
This industry is characterised by digitization trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well.
With a vast European network and strong presence across North America, Hg’s 400 employees and $65bn in funds under management support a portfolio of more than 50 businesses, worth over $135 billion aggregate enterprise value, with over 100,000 employees, consistently growing revenues at more than 20% annually. Additional information is available at www.hgcapital.com.