Swedish Hedin acquires Dutch Stern Groep
The Dutch vehicle group Stern is acquired almost entirely by Hedin Mobility Group from Sweden. Hedin has agreed to buy Stern’s dealers, repair, rental and holding operations. Stern’s shares in Bovemij are not included in the deal, which according to the magazine Automobiel Management is worth at least 103 million euros.
Negotiations to join both companies’ vehicle operations started in January 2020, but were hampered by the pandemic. The deal as it stands will mean that Hedin acquires all shares in Stern Facilitair. Both parties aim to conclude the deal, which still needs to be approved by shareholders and regulators, during the first quarter of next year.
Hedin says that a combination of both companies will generate synergies that will enable the creation of a pan-European mobility provider, with Stern as the hub in the Netherlands. “The merged group will be well positioned to play a leading role in the expected consolidation of car dealers in Europe,” Stern and Hedin said in a statement.
The exclusion from the transaction of Stern’s share in Bovemij, recently valued at EUR 19.3 million, reflects Hedin’s conviction that Stern’s share listing is not the right tool for continued growth.
Hedin Mobility Group is a family-owned company that focuses on selling and servicing vehicles, trading in vehicle parts and tires and offering cars for rent. In addition to their home country Sweden, they also do business in Norway, Denmark, Germany, Switzerland and Belgium.
Image: Stern Group