CPPIB Credit Investments Inc., a wholly-owned subsidiary of the Canada Pension Plan Investment Board, has completed the funding of €480 million in the Mandatory Exchangeable Facility of global fleet company LeasePlan.
The investment was made to support the acquisition of LeasePlan by a consortium of long-term investors, which includes Dutch pension fund service provider PGGM, Denmark’s largest pension fund ATP, GIC, Luxinva S.A., a wholly-owned subsidiary of the Abu Dhabi Investment Authority, Goldman Sachs and investment funds managed by TDR Capital LLP.
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The consortium has acquired 100% of the share capital of LeasePlan from Global Mobility Holding.
“Through the investment in the Mandatory Exchangeable Facility, CPPIB is able to participate in a stable core business backed by a successful, aligned consortium group,” said Mark Jenkins, senior managing director and global head of private investments at CPPIB.
“This investment provides strong risk-adjusted returns for CPPIB and is backed by a business that has shown resilience through economic cycles, making it an excellent fit for a long-term investor like us.”
LeasePlan, which operates out of 32 countries around the world, offers a comprehensive portfolio of fleet management solutions, including vehicle acquisition, leasing, fleet management, fleet selection and management advice, fleet funding and insurance products.