European Camping Group Acquisition & Valuation

FleetPartners Group, formerly Eclipx Group, is an Australian and New Zealand provider of fleet management, novated leasing, salary packaging and equipment finance services, listed on the Australian Securities Exchange (ASX: FPR) and headquartered in Sydney. Eclipx adopted its name in 2015, grew by buying businesses such as FleetPlus, Right2Drive and Grays eCommerce Group, and then sold Grays and Car Buyers in 2019 and CarLoans.com.au and Right2Drive in 2020 to refocus on fleet leasing, taking the FleetPartners name in 2021. Assets under management and finance at 30 September 2025 were A$2.3 billion, and statutory net profit after tax for the year was A$75 million. Revenue comes from lease rentals and finance income, management and maintenance fees and gains on vehicle disposals at the end of leases. It bought the salary packaging and novated lease provider Remunerator in December 2025. In August 2026 it received non-binding takeover proposals from SG Fleet's holding company at A$3.60 and then A$4.00 per share and from Element Fleet Management.

Katapult Holdings Inc. is a technology-driven lease-to-own platform that integrates with omni-channel retailers and e-commerce platforms to power the purchase of everyday durable goods for underserved U.S. non-prime consumers. It is an e-commerce-focused FinTech company offering a lease-purchase solution to consumers and enabling essential transactions at the merchant point of sale. Katapult is associated with hundreds of retailers across the United States.

United International Transportation Co Ltd operates as a car rental company engaged in leasing, renting vehicles, and selling used cars under the commercial name Budget Rent a Car. The services offered by the company include short- and long-term car rentals, chauffeur-driven car rental services, corporate rentals, cross-border rentals, limousine rentals, and other related services. Its reportable segments are Lease, Rental, Used car sales, and Others. A majority of its revenue is generated from the Lease segment, which represents income generated from cars leased out to customers under medium to longer-term rental arrangements. The group operates exclusively in the Kingdom of Saudi Arabia.

Willis Lease Finance Corp, with its subsidiaries, is a lessor and servicer of commercial aircraft and aircraft engines. The company has two reportable business segments, which include Leasing and Related Operations and Spare Parts Sales. A majority of its revenue is generated from the Leasing and Related Operations segment, which involves acquiring and leasing, under operating leases, commercial aircraft, aircraft engines, and other aircraft equipment and the selective purchase and resale of commercial aircraft engines, aircraft equipment, and other related businesses. Geographically, the company derives maximum revenue from the United States, followed by Europe, Asia-Pacific (excluding India), India, South America, Canada, Central America, and the Middle East.

Blueground is a furnished-apartment and property-technology company founded in Athens in 2013 and now headquartered in New York. Its digital platform lets individuals and corporate customers book professionally managed apartments for medium- and long-term stays. The company leases or manages units, furnishes them to a standard specification and handles booking, maintenance and guest support. Revenue comes from accommodation charges, leasing spreads and services attached to each stay. At the time of ADQ’s investment, Blueground operated in 26 cities and managed about 9,500 apartments across Europe, North America and Asia. The transaction was made through DisruptAD, ADQ’s venture platform, under the sovereign investment partnership between the UAE and Greece. Its operating model combines software distribution with local property operations and standardized interior design.

Grover is a Berlin-based platform for subscription-based rentals of consumer electronics including smartphones from Apple and Samsung, laptops from Dell and MacBook, headphones, cameras, and smart home devices. The service delivers over 3,000 product models across Germany, Austria, the Netherlands, Spain, and the United States with free shipping and insurance. Grover refurbishes returned items through certified processes to extend product lifecycles. Launched in 2015, it partners with retailers like MediaMarkt.

Mofang Gongyu is a Shanghai-headquartered operator of serviced apartments targeting white-collar professionals in China. The company manages over 150 complexes in Beijing, Shanghai, Guangzhou, Shenzhen, and other cities, offering furnished units with housekeeping and community services. Originally launched in 2006, it rebranded in 2010.

Black Diamond Group Ltd rents and sells space rental solutions and modular workforce accommodations to business customers in Canada, the United States and Australia. It has two business units: Modular Space Solutions and Workforce Solutions. Modular Space Solutions provides high quality, cost effective, modular space rentals to customers. The customers operate in the construction, real estate development, education, manufacturing, health care, financial, government and defense industries. Workforce Solutions provides complete workforce housing solutions including rental of accommodations and surface equipment, provision of full turnkey lodge services and provision of travel management logistics through the Company's online digital marketplace, LodgeLink.

Mills Locacao Servicos e Logistica SA operates in the infrastructure, construction, and manufacturing industries. Its activity includes Rental and sale, including imports and exports, of steel and aluminum tubular structures, shoring and access equipment for construction works, as well as reusable concrete formworks. Sale, rental, and distribution of aerial work platforms and telescopic handlers. It has a Formwork and Shoring segment and Rental segment, and the majority of the revenue derives from the Rental business segment.

Rentomojo rents furniture, appliances and electronics to consumers on monthly subscriptions through its app and website. It serves urban households and young professionals in Indian cities. It is based in Bengaluru.

Cross London Trains is a rolling-stock financing and leasing company established to procure trains for the Thameslink passenger rail programme in the United Kingdom. The company financed a fleet of Siemens Desiro City electric multiple units and leases them for operation on routes crossing central London and serving destinations across southeast England. Its activities include ownership, financing, delivery oversight and long-term asset stewardship rather than passenger operations. Revenue is generated through contracted lease payments associated with the government-backed rail franchise framework. The company was owned by infrastructure investors alongside Siemens Project Ventures during its development and delivery period. Its fleet investment formed a central part of the Thameslink capacity upgrade and introduced high-capacity electric trains across the network.

Smartgroup Corporation is an Australia-based company that provides specialist employee management services. Its services include salary packaging, novated leasing, vehicle fleet management, payroll administration, employee share plan administration, and workforce optimization. The company operates in two segments: outsourced administration and vehicle services. Most of the group's revenue is generated from the OA segment, which provides outsourced salary packaging services, novated leasing, share plan administration, and outsourced payroll services. The VS segment provides end-to-end vehicle fleet management services.

Simpar SA is a holding company, through its subsidiaries is engaged in road logistics services; rental and sale of trucks, machinery and equipment; public sector and mixed economy services; dealership of light vehicles; leasing, freight payment and financial services; and car rental of light vehicles. The group operates in seven reportable segments JSL, Movida, Vamos, CS Brasil, CS Infra, Automob, and BBC.

FINN is a Berlin-headquartered mobility service offering monthly all-inclusive car subscriptions. Launched in 2019, it provides immediate access to vehicles without long-term commitments, targeting urban drivers in Germany. The platform includes insurance, maintenance, and roadside assistance for models from Volkswagen, BMW, and Tesla.

Mayer's Cars and Trucks is a Tel Aviv-based family-controlled vehicle import and transport group, founded in 1967 by Mayer Kass as the exclusive Israeli importer of Volvo cars and trucks. It is the Israeli licensee for Volvo cars, trucks, buses and construction equipment, Honda cars and motorcycles, Polestar, Renault Trucks and Zhongtong buses, and sells Michelin tyres. The group also controls Hertz Israel's rental and leasing business, used-car dealer Auto Center, bus operator Kavim and bus body maker Merkavim, and it holds half of tyre importer Ko-Gol Unitrade and owns Maccabi Haifa football club. It earns money from vehicle and equipment sales, parts and servicing, rental and leasing, and public bus operations. The group employs more than 6,000 people and reports annual turnover above EUR 2 billion. It is controlled by the Kass and Shahar families; in 2002 it bought control of the insurer Phoenix before later selling half of that stake to Delek Group. In October 2022 Phoenix bought 14% of Mayer's for NIS 574 million at a NIS 4.1 billion valuation, and in December 2022 Clal Insurance bought 5.6% for NIS 229 million.

Vamos Locacao De Caminhoes Maquinas E Equipamentos SA is engaged in the lease, sale and resale of trucks, machinery and equipment, fleet management and renders vehicle mechanics, industrialization, customization and body shop services. The company operates in three operating segments which comprise 1)Truck, machinery and equipment dealerships: sale of trucks, machinery and equipment; resale of used trucks, machinery and equipment, parts, machinery and accessories; mechanics auto body repair and paint services; 2) Lease of trucks, machinery and equipment: lease of trucks, machinery and equipment and fleet management; 3) Customization, manufacturing and transformation of trucks.

Hertz Global Holdings Inc is engaged principally in the business of renting vehicles through its Hertz, Dollar and Thrifty brands. The company has two reportable segments: i) Americas RAC: Rental of vehicles, as well as sales of vehicles and value-added services, in the U.S., Canada, Latin America and the Caribbean, ii) International RAC: Rental of vehicles, as well as sales of vehicles and value-added services, in locations other than the U.S., Canada, Latin America and the Caribbean. The company maintains a substantial network of company-operated rental locations, a majority of which are in Europe, and has franchisees and partners that operate rental locations under brands. Geographical markets include North America, Europe, Pacific Asia, Middle East and Africa, and Latin America.