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The Abu Dhabi-based private equity firm BlueFive Capital has expanded into the UAE’s mobility sector by acquiring a 49% stake in LeasePlan Emirates through its BlueFive Reef PE Fund I.
Solutions+, a wholly owned subsidiary of Mubadala Investment Company, will remain the majority shareholder with 51%.
The stake was acquired from Ayvens, a global sustainable mobility company. Financial terms of the transaction were not disclosed.
The deal follows BlueFive Capital’s earlier acquisition of a 49% stake in Massar Solutions, provider of mobility and transportation services, from Abu Dhabi National Energy Company (TAQA), with Solutions+ retaining the remaining stake in Massar.
Established in 2006, LeasePlan Emirates operates a fleet of around 7,000 vehicles and provides leasing and fleet management services to corporates, government entities and individuals across the UAE.
According to its website, BlueFive Capital manages $4.4 billion in assets and focuses on opportunities in high-potential economies. In addition to Abu Dhabi, it has offices in London, Manama, Dubai, Muscat and Beijing.
(Writing by Brinda Darasha; editing by Daniel Luiz)
