DLL (De Lage Landen International B.V.) has signed a Share Purchase Agreement with Bankhaus Bauer AG to acquire elf Leasing GmbH, a German provider of leasing services based in Essen and Hannover. The transaction is expected to close end of 2024, subject to approval of the German BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht). The purchase price will not be disclosed.
The intended acquisition of elf Leasing GmbH underlines DLL’s growth ambitions in Europe and in the construction, transportation, agricultural and industrial sectors.
elf Leasing GmbH offers its financial services directly to end customers in the construction, transportation, agricultural and industrial equipment sectors and their primary business origination is deeply rooted in the transportation industry. In first instance, DLL will continue to use the elf brand in the German market.
Rob van den Heuvel, General Manager of DLL’s European Region, said, “We are delighted with this intended acquisition, which marks our growth ambitions in the German market, and is part of our larger strategic plans to grow both organically and through mergers and acquisitions. The direct market approach of elf Leasing GmbH is complementary to our vendor finance business model in Germany. The company focuses on the same asset types that we already have in our portfolio, which will enable a smooth transition for elf’s customer base. We are also really looking forward to welcoming the highly competent elf staff to DLL, as we are confident, they will be of great added value to our team.”
Managing Director of elf Leasing GmbH, Oliver Suermann said, “We look forward to becoming part of the organization of a leading global financial service provider. This enables us to return to our envisioned growth path and will significantly accelerate our business in the German market. We are delighted to have the extraordinary opportunity to combine elf’s dedicated SME focus and strong asset approach with the organizational strength of DLL’s elaborate and powerful group infrastructure. This combination gives us a stable foundation to further optimize our customers’ journey at elf in the future.”