Herter & Co. advises Rivean Capital on the leveraged buy-out of Green Mobility Holding
Herter & Co. advises Rivean Capital on the financing of the acquisition of Green Mobility Holding (“GMH”), one of Europe’s leading technology-based (e-)bike leasing groups, providing bike leasing services to companies and their employees. The previous majority owner DPE Deutsche Private Equity will re-invest a minority stake, further shares will be held by the founders and managers of the two main subsidiaries Company Bike und mein-dienstrad.de. The proposed transaction is subject to customary regulatory approvals.
Herter & Co. coordinated a competitive process alongside the M&A auction and structured an overall financing package of more than €100m which was ultimately underwritten by Kartesia, the international private debt fund manager. The financing package includes a unitranche facility as well as committed add-on acquisition facilities to support the group’s organic and inorganic growth going forward.
„Herter & Co. have structured an attractive financing package within a tight timeline and against a difficult market environment. This has contributed significantly to our success in this competitive M&A process. The comfort we have experienced through the highly involved and independently managed Herter & Co. process allowed us to focus on the due diligence and negotiations with management and the sellers“, says Matthias Wilcken, Senior Partner at Rivean Capital.
Herter & Co. acts as Sole Debt Advisor to Rivean Capital.
GMH’s digital platforms connect companies with bike dealers, manufacturers, and leasing providers, aiming to allow their employees to switch to sustainable mobility. To this end, the subsidiaries Company Bike and mein-dienstrad.de conclude framework agreements with corporate clients, under which their employees can lease bikes. The monthly lease payments are deducted from the employees’ gross salaries using a deferred compensation model and transferred directly to the bank lessors contractually affiliated with GMH. The employees benefit from tax concessions as well as from services such maintenance and insurance. GMH is headquartered in Munich and has more than 200 employees across Germany. Last year, the company generated revenues of around €140m. As in previous years, it plans to post substantial revenue growth again in 2023.
Rivean Capital is a leading European private equity investor in mid-market transactions with operations in the DACH region, Benelux and Italy. Rivean Capital manages funds in excess of €3bn and has offices in Amsterdam, Brussels, Frankfurt, Zurich and Milan. Since its inception in 1982, Rivean Capital has supported more than 250 companies in realizing their growth ambitions.