CVC Capital Partners said Nov. 16 that it agreed to buy a minority of DKV Mobility Services Group. Financial terms weren’t announced. DKV family shareholders, the sellers, will retain a majority of the company, owing 80 percent. DKV issues cards that are used by commercial drivers to pay for fuel, toll and other services in more than 40 European countries without having to carry cash, the Wall Street Journal said.
CVC Capital Partners Fund VII agrees to acquire minority stake in DKV Mobility Services Group
16 Nov 2018
CVC to acquire 20% of European leader in cash-free services for transportation, toll and further mobility services.
CVC Capital Partners Fund VII (“CVC”) today signed an agreement to acquire a 20-percent stake in DKV Mobility Services Group (“DKV”). The family shareholders, who are currently the sole owners of the company, will remain majority shareholders with an 80-percent stake following the closing of the transaction. The parties have agreed not to disclose the purchase price. The transaction is subject to the customary approval process by the relevant regulatory authorities. Closing is expected for the first quarter of 2019.
DKV is a European leader in cash-free services en route for commercial goods and passenger transportation, toll and further mobility services. To its 170,000 customers in more than 40 European countries, the company offers the industry’s largest supply network with more than 72,000 acceptance points. Throughout Europe, DKV generated sales of 7.2 billion Euros in 2017 and its workforce consists of about 1,000 employees. Since its incorporation in 1934, DKV has become a leading, award-winning mobility services provider with over 3.1 million fuel cards and on-board units in circulation.
CVC will support the company in accelerating its successful growth strategy in close cooperation with the majority owners and management. Strategic priorities will include the further digitalisation of DKV’s business model and the extension of its service offering. Going forward, DKV will extensively benefit from CVC’s entrepreneurial expertise and large international network.
In the past years, CVC has partnered with numerous family entrepreneurs and founders, with the CVC Funds investing in their companies. CVC Funds’ portfolio in Germany impressively proves this approach: The founders and family shareholders of Douglas and Tipico are still co-invested in the companies. Recently, CVC has engaged in a strategic partnership with the Messer family, in order to create a globally leading specialist for industrial gases.
UniCredit and Commerzbank serve as financial advisors to family shareholder, Taylor Wessing as legal counsel. Royal Bank of Canada is mandated as financial advisor to CVC, while GÖRG serves as CVC’s legal counsel.