- Acquisition of Bansabadell Renting, a subsidiary of Banco Sabadell, totaling c. 20,000 vehicles, strengthening ALD’s SME and Private Lease offering in Spain
- Dedicated distribution agreement through Banco Sabadell’s 1,588 branches local branches
- Transaction forms part of ALD’s growth strategy focused on FSL, partnerships and value accretive acquisitions
On 29 April 2021, ALD signed an agreement to acquire Bansabadell Renting, the renting* arm of Banco Sabadell in Spain, totaling c. 20,000 vehicles. The acquisition also includes the entry into a white label distribution agreement whereby Banco Sabadell will make available to its SME and Private Lease customers in Spain a full service leasing solution managed by ALD.
The completion of this transaction will be subject to the agreement of the Spanish Competition Authority.
Banco Sabadell is one of the largest banking groups in Spain serving individuals and companies where it operates through an extensive network of 1,588 branches and provides a full array of financial and non-financial products and services.
This transaction forms part of ALD’s development strategy and is an example of ALD’s focus on value accretive bolt-on acquisitions.
This acquisition is expected to strengthen ALD’s offering in Spain, positioning the company as the 2nd largest player in the market, while expanding the commercial reach of its solutions. ALD in Spain currently manages a fleet of c. 120,000 contracts with large corporates, SMEs and private individuals.
Tim Albertsen, CEO of ALD, said: “This acquisition leverages our positioning in the full service vehicle leasing segment and we look forward to a successful collaboration with Banco Sabadell. This transaction will further consolidate our number 1 position in Europe and contribute to our strategic development plan, Move 2025, which aims at strengthening our competitive edge to reach an expected c. 2.3 million total contracts by 2025.”
César González-Bueno, CEO of Banco Sabadell, commented: "We are delighted to have entered into a strategic partnership with ALD. This alliance represents a significant step forward for Bansabadell Renting in terms of scale and efficiency, combining Sabadell’s geographic breadth and commercial network with ALD’s experience and market leading capabilities. We look forward to working together to provide our clients with a wider and improved range of services”
* The term “renting” refers to the Spanish equivalent of full service leasing
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