(25 November 2024 – Australia) SG Fleet has received a non-binding A$1.2 billion takeover bid from Pacific Equity Partners (PEP) for the fleet management and novated leasing provider.
The company, which listed on the ASX in 2014, provides vehicle procurement, financing, fleet maintenance, fleet management, vehicle leasing and salary packaging services to customers across Australia, New Zealand and the UK with more than 277,000 vehicles under management.
“It’s not just about EVs. The tax exemptions have brought more employers into the novated lease sector, increasing overall demand. Even as conditions in the sector normalise post the COVID-19 boom, we estimate demand is about 2.5 times what are ‘normal’ levels. In other words, the catch-up will continue for some time” commented SG Fleet CEO Robbie Blau.
“This is a sector that is hugely fragmented and ripe for consolidation. How many industries are actually left like that in Australia?” an observer commented to AFR’s Chanticleer.