Dutch vendor finance company De Lage Landen International (DLL) has entered a share purchase agreement with German private bank Bankhaus Bauer to acquire elf Leasing, a provider of leasing services.
Financial specifics and other transaction terms have not been disclosed.
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With a significant presence in Essen and Hannover, elf Leasing is known for providing financial services directly to end users, particularly in the transportation sector.
The company also caters to various other industries such as agricultural, industrial equipment, and construction.
With the proposed acquisition of elf Leasing, DLL aims to bolster its growth across the European market, particularly within the transportation, construction, agricultural, and industrial equipment sectors.
DLL, which operates as a wholly owned subsidiary of Rabobank Group, initially plans to retain the elf brand within Germany post-acquisition to ensure continuity for existing customers.
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By GlobalDataThe completion of the deal is subject to receipt of certain regulatory approval from the German Federal Financial Supervisory Authority (BaFin).
The transaction is anticipated to close by the end of this year.
DLL Europe general manager Rob van den Heuvel said: “The direct market approach of elf Leasing is complementary to our vendor finance business model in Germany. The company focuses on the same asset types that we already have in our portfolio, which will enable a smooth transition for elf’s customer base.
“We are also really looking forward to welcoming the highly competent elf staff to DLL, as we are confident, they will be of great added value to our team.”
elf Leasing managing director Oliver Suermann added: “We look forward to becoming part of the organisation of a leading global financial service provider. This enables us to return to our envisioned growth path and will significantly accelerate our business in the German market.
“This combination gives us a stable foundation to further optimise our customers’ journey at elf in the future.”
