QEK Global Solutions, the world’s leading provider of
outsourced vehicle management solutions to car manufacturers, has
been sold by Dutch owners, LeasePlan Corporation, in a flagship
deal for the Global M&A partnership of investment banking
boutiques. QEK has been acquired by a US consortium led by
Transportation Resource Partners, a US private equity fund focused
on the automotive sector, and US NASCAR motor sports hero Roger
LeasePlan chose Livingstone to lead an international team of
corporate finance advisers, including US Global M&A partners
Brown Gibbons Lang & Co, to advise on the divestment. Marcel
Jansen, LeasePlan’s Director of Corporate Strategy &
Development comments: “Livingstone and their Global M&A
partners have delivered a very satisfactory result for LeasePlan.
They have been involved at every stage in a difficult and demanding
process and we are very pleased that QEK has found a good strategic
partner with TRP, Penske and their consortium”.
Frank Bulman, the Livingstone deal leader who managed the
international project team on a day-to-day basis, says: “QEK
counts major Original Equipment Manufacturers (OEM) such as General
Motors, Ford, Nissan, Renault, Peugeot, SAAB and Volkswagen among
its many clients. Its total lifecycle vehicle asset management
services and international scale make the group unique – its
core competency has no direct competition and this proved extremely
attractive to the new investors”.
Roger Penske, a well known figure within the US automotive industry
and famous for his backing of the Team Penske NASCAR racing team
was instrumental in closing the QEK deal. “QEK offers a
unique service to the automotive OEM and Tier One supplier
segments. We see considerable synergies between the services QEK
provides and the range of services provided by our investor group.
We are anxious to work with QEK’s management team to support its
growth strategy as well as continue to improve upon the high
quality of service offered to QEK’s clients”, he
QEK’s impressive track record has been built up supporting
the major car manufacturers’ general company car fleets,
press and show fleets, engineering vehicles and fleet sales.
Services range from ‘prepping’ show cars for the most
famous motor shows, to delivering test and complimentary vehicles
to the rich and famous. QEK employs 1,303 people on the three
Continents and achieved over US$110 million of turnover in
The QEK team includes Kerry Budry, Group Chief Executive, Jim
Olexa, Group Chief Operating Officer and Managing Director of the
U.K. operations and Robert Shapton, Group Finance Director.
Jeremy Furniss, a Partner at Livingstone, adds “QEK has 65
operations within the UK, the US and Australia and with the
possibility that the eventual purchaser might emerge from anywhere
in the world, LeasePlan required advisers with impeccable
cross-border deal making experience. The strength of the Global
M&A solution, brought together M&A experts from all three
countries, and a local presence in Holland, gave them exactly the
credentials they sought”.
The team generated offers from a variety of strategic and financial
buyers before finally selecting the US consortium led by TRP, whose
fund is backed by major automotive services group Penske
Corporation, Goldman Sachs and GE all of which were eager to
provide the financial backing to the existing QEK management
Furniss adds: “Our colleagues within Global M&A and – in
particular – Andrew Petryk and Bill Watkins at BGL, were crucial in
bringing the negotiations to a successful conclusion”.
Jeremy Furniss, Partner
Tel: 020 7484 4703