BT Fleet Solutions to rebrand following its acquisition by Aurelius
Aurelius Equity Opportunities is to acquire BT Fleet Solutions, with an imminent rebrand due in the 12 months following the acquisition.
Both parties have agreed not to disclose the purchase price and the transaction is due to complete in H2 2019. The purchase follows BT Group putting BT Fleet Solutions up for auction by financial advisory and asset management firm Lazard in November 2018.
BT Group is said to have released BT Fleet Solutions from its grasp due to concentrations on providing full fibre and 5G connectivity, which are both core to its ongoing business.
It is expected that a seamless continuation of BT Fleet Solutions’ operations will occur, supported by Aurelius’ operational task force, while making the company standalone. Some of BT Fleet Solutions’ current customers include the AA, Enterprise reant-a-car, BT, AutoGlass, Eon and the National Grid.
Aurelius plans to take the company further by expanding on its market position and driving growth in the business. This will be delivered through a range of initiatives, including operational improvement, investment in key business areas – such as heavy goods vehicles, accident management and vehicle funding – as well as continued customer service to clients, including former parent company, BT, and its legally separate Openreach business. Aurelius will also work with management to identify customer and product expansion opportunities, both organically and through acquisition.
Dr. Dirk Markus, Group-CEO and chairman of the executive board of Aurelius, commented: “This acquisition is a further example of Aurelius’ specialism in acquiring non-core divisions that have been carved out of large corporates, and are in need of operational support to transform them into standalone, sustainable organisations. BT Fleet Solutions is a strong business with a high calibre customer base. We look forward to working with management to ensure a smooth transition in the coming months, positioning the company as an independent entity that is ready to capture the significant growth opportunity available in the UK market.
“This is another exciting development for Aurelius this year, following our recent sale of Solidus Solutions, our largest exit to date. This deal is a demonstration of our continued interest in the UK market, which presents a number of compelling opportunities for us as a result of the ongoing economic and political uncertainty that has arisen out of Brexit.”
Gerry McQuade, CEO of BT’s Enterprise unit, said: “The acquisition of BT Fleet Solutions by Aurelius is an exciting and significant step forward in its development and will deliver for its customers, people and the BT Group. Over the past five years, our Fleet business has grown into a multi-award winning market leader in the sector. The unrivalled expertise and experience of its people in managing and maintaining complex fleets has been key to this success.
“With BT’s renewed focus on investing in the best fixed and mobile networks in the UK, and with BT Fleet Solutions well positioned to achieve further growth, the time is right for the business to find a new home. Aurelius is ideally placed to support the next phase of BT Fleet Solutions’ development and deliver new services to its customers. I’d like to thank our colleagues in BT Fleet Solutions for all they have done for the business and the wider BT Group and wish them every success for the future.”
Established in 2002 and headquartered in Solihull, BT Fleet Solutions has a network of 65 in-house garages, 500 partner facilities and 50+ mobile technicians. BT Fleet Solutions employs around 950 staff around the UK, and manages more than 80,000 vehicles for over 26 blue chip customers.
The latest published statutory accounts for 2017/18 for BT Fleet Ltd show revenues of £209.5m.