Fraikin’s majority shareholders entered into an exclusive agreement with Asterion Industrial Partners for the contemplated acquisition of the European commercial vehicle leasing and fleet solutions company.
The selling shareholders include affiliates of Benefit Street Partners, Värde Partners, and Canyon Partners.
Fraikin generates approximately €1 billion in annual revenue and operates a fleet with a gross book value of about €3 billion.
The company said the transaction follows a multi-year transformation that has improved its financial performance and resilience across European markets.
Under Asterion’s ownership, Fraikin plans to focus on three main priorities: continued investment in its fleet and European operating platform, helping customers transition toward lower-carbon mobility, and further digitalizing its fleet management offering.
Fraikin manages more than 50,000 vehicles across 10 European countries.
Its services include full-service operating leases, contract hire, fleet management, and flexible rental solutions.
The company serves customers in sectors including healthcare, food distribution, utilities, waste management, logistics, and public services.
Asterion Industrial Partners is focused on mid-market infrastructure investments across Europe.
The firm manages approximately $10 billion and invests across energy, digital infrastructure, utilities, and mobility.
Asterion Industrial Infra Fund III closed in September 2025 with €3.4 billion in commitments.
Fraikin said Asterion’s investment could support further spending on its fleet, maintenance network, and digital capabilities while strengthening customer service and supporting disciplined growth.
The contemplated transaction is expected to close in the first quarter of 2027, subject to completing applicable employee information and consultation processes and receiving required regulatory approvals.
Support: BofA Securities and Lazard served as financial advisers to Fraikin’s majority shareholders and management. Latham & Watkins served as legal counsel.
KEY QUOTES:
“Our ambition is to establish Fraikin as the leading European commercial vehicle fleet management infrastructure platform. We will continue to invest in our fleet, people and digital capabilities, while accelerating the transition towards lower-carbon mobility and pursuing sustainable growth opportunities.”
Yves Pétin, President and Chief Executive Officer of Fraikin Group
“We thank Benefit Street Partners, Värde Partners and Canyon Partners, together with our other shareholders, for their continued support and commitment, and look forward to partnering with Asterion.”
Yves Pétin, President and Chief Executive Officer of Fraikin Group
“Fraikin provides essential infrastructure for commercial mobility across Europe. Its scale, integrated service model and longstanding customer relationships create a strong platform for growth. We see a significant opportunity to support the transition of its fleet towards lower-emission vehicles, in line with Asterion’s commitment to the energy transition, and we look forward to partnering with Fraikin’s management team.”
Bice Di Gregorio, Partner at Asterion Industrial Partners
“Fraikin has served France’s commercial vehicle sector for more than 80 years and is a key investment for our French franchise. By combining our industrial approach and local teams with Fraikin’s operational expertise, we will support investment in its fleet, maintenance network and digital capabilities, strengthen customer service and pursue disciplined growth across its markets.”
Sergio Val, Operating Partner at Asterion Industrial Partners
