BNP Paribas Leasing Solutions has sold the assets and contracts of BNP Paribas Rental Solutions Limited, which offers truck contract hire services, to Novuna Vehicle Solutions for an undisclosed amount.
BNP Paribas Rental Solutions Limited’s business operates a contract hire fleet of over 1,300 specialist vehicles across the UK. Novuna Vehicle Solutions is a UK-based vehicle leasing and fleet management provider.
The core operations of BNP Paribas Leasing Solutions UK will not be impacted by the sale nor will it impact on BNP Paribas Rental Solutions business in France where the company is a market player, the company said in a press release.
Jon Lawes, managing director of Novuna Vehicle Solutions, said: “This is a special opportunity to continue to grow our business, evolving our specialist fleet services and the talented team who deliver first-class customer services day in, day out.”
“The similarities that exist with the way we do business, our values, culture and customer-first approach assure me that this is an exciting opportunity to strengthen our unique capabilities.”
EY acted as lead financial adviser to BNP Paribas Leasing Solutions on the transaction.
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Novuna Vehicle Solutions is a trading name of Mitsubishi HC Capital UK PLC, part of Mitsubishi HC Capital Inc.