Dawsongroup (a leading independent asset leasing business that provides a wide range of business solutions) and investment firm KKR announced that KKR has entered into a binding agreement with Dawsongroup shareholders to acquire the group. This deal will be made as part of KKR’s Global Climate strategy, which is dedicated to scaling net-zero solutions and transitioning and decarbonizing higher emitting assets, closely aligning with Dawsongroup’s long-term sustainability-led ambitions.
Based in Milton Keynes, UK, Dawsongroup has developed a solid platform with first-rate supplier relationships and a diversified customer base and is a supportive employer to over 1,150 employees across 11 countries. Since its founding in 1935, Dawsongroup has become a sector leader in asset leasing, including vehicles and refrigerated boxes, with a broad and integrated business model that involves the customization of assets to customer specifications and maintenance and repairs. Dawsongroup has also created a strong position in the UK and a growing presence overseas. Its Smarter Asset Strategy enables businesses to transition to net zero cost-effectively.
As a company with a strong track record of year-on-year growth, Dawsongroup has an ambitious, sustainable growth strategy to unlock its significant potential. And last year it posted a record performance with Group EBITDA of £250 million and under new ownership, management will build on this strong platform to expand the markets it serves throughout the entire supply chain.
The Dawson family has also controlled the group for over 90 years, overseeing its significant growth. Joining forces with KKR will enable Dawsongroup to deliver on its next development stage, benefiting both customers and employees. As a business that effectively utilizes EV, solar, Stage 5 generators, and battery storage as part of its unique energy-focused service capabilities, Dawsongroup and KKR’s strategic partnership will significantly accelerate the decarbonization of vehicle and asset leasing solutions. KKR will also be working with Dawsongroup to implement an employee ownership program, providing Dawsongroup employees with the opportunity to participate directly in the Group’s future success.
With 15+ years of experience in infrastructure investing, KKR has deep expertise in renewable energy and climate-related investments and has invested more than $21 billion in this sector from its infrastructure platform alone. And to date, KKR has made three investments from its Global Climate strategy, including in Zenobē, a UK-based market leader in transport electrification and battery storage solutions. KKR has been investing in the UK for over two decades, having deployed over $24 billion in equity across all investment platforms, including over $5 billion in sustainability-related investments in the past three years in investments such as Smart Metering Systems, Citation, ERM, John Laing and Viridor.
The deal is subject to the receipt of regulatory approvals.
KEY QUOTES:
“KKR’s support will accelerate the launch of our sustainable growth strategy by continuing to deliver market-leading services for our customers in the UK, maintaining our EBITDA margin profile and providing a real opportunity to expand our unique offering internationally. We are delighted to have the backing of KKR as we enter the next phase of our development and effectively contribute to our customers’ transition to zero emissions.”
– Stephen Miller, CEO of Dawsongroup
“As one of the largest independent lessors of vehicles and temperature controlled solutions in the UK, Dawsongroup is a key player in the decarbonisation of mobility. We see a significant opportunity to accelerate the electrification of Dawsongroup’s fleet, in support of the Dawsongroup management team’s focus on sustainable solutions, and aligned with KKR’s commitment to advancing the transition to a low-carbon future. By deploying our global expertise and network, we will help Dawsongroup drive sustainable growth, expand into new geographies, and contribute to the broader shift toward cleaner, more resilient infrastructure.”
– Vincent Policard, Partner and Co-Head of European Infrastructure at KKR
“On behalf of the Dawson family, I am extremely proud of Dawsongroup’s achievements to date and we are highly supportive of this strategic partnership with KKR. With the Dawson family’s backing and long-standing support from employees, the Group has evolved into the innovative asset leasing platform it is today. Combining Dawsongroup’s highly experienced management team with the knowledge and experience of the KKR team, we believe the impressive trajectory achieved to date can accelerate even further and we look forward to its future success.”
– Freya Dawson
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