Acquisition puts fleet management business on the road to growth
Doncaster-based Pullman Fleet Services, the UK’s largest independent provider of commercial vehicle repairs and maintenance, has been acquired from listed logistics firm Wincanton by asset management group Aurelius.
Pullman, which has a particular focus on heavy goods vehicles in the UK, will complement AURELIUS-owned Rivus Fleet Solutions which has an offering for light commercial vehicles.
Pullman will now focus on growth and expanding its offering into related services including accident management and vehicle leasing.
And Aurelius says it will work with Pullman to develop further commercial and growth opportunities through potential collaboration with Rivus.
Pullman reported revenues of £44m in the financial year 2019/2020. It has 27 service centres, over 70 mobile service vehicles, along with more than 430 employees and highly trained technicians.
It 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 says the carve out deal means it can capitalise on Pullman’s position as the only multi-marque operator of scale for HGVs in the UK.
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.
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 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, we expect 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.”
