Brockhaus Capital Management AG / Keyword (s): Takeover / Forecast
Brockhaus Capital Management AG: BCM AG has signed a purchase agreement to acquire majority stake in B2B digital leasing platform Bikeleasing – Forecasts for fiscal year 2021 have significantly increased
16-Jun-2021 / 03:03 CET / CEST
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BCM AG has signed a purchase agreement to acquire a majority stake in B2B digital leasing platform Bikeleasing – Fiscal year 2021 forecasts have increased significantly
Frankfurt am Main, June 16, 2021. Brockhaus Capital Management AG (BKHT, ISIN: DE000A2GSU42, âBCM AGâ) today signed a purchase agreement for the acquisition of a majority stake in Bikeleasing -Service GmbH & Co. KG (âBLSâ or with its affiliates âBLS Groupâ).
As part of the transaction, the current managing shareholders retain a significant stake in BLS through reinvestment in the acquisition company. In addition, it is planned that the founders will also invest at the level of BCM AG through a capital increase by contribution in kind. Taking into account this reinvestment, BCM AG will own approximately 60% of the shares in the acquisition company.
Based on an enterprise value of the BLS group of approximately EUR 300 million and subject to typical price adjustment mechanisms at the close of the acquisition, the purchase price attributable to BCM AG s ‘amounts to around 167 million euros. This will be financed by available cash as well as by a capital increase with shareholder subscription rights, which should be carried out during the second half of this year. BCM AG reserves the right to reduce its stake in the acquisition company to 50.1% in favor of co-investors and to secure part of the purchase price via bridge financing.
The closing of the transaction is subject to financing as well as a certain number of closing conditions. Since Hofmann Leasing GmbH, a leasing company, is part of the BLS group, the transaction requires, among other things, the successful completion of the ownership control procedures by the German Federal Financial Supervisory Authority (Bundesanstalt fÃ¼r Finanzdienstleistungsaufsicht, BaFin) .
Founded in 2015, BLS (www.bikeleasing.de), together with its subsidiaries, operates a leading B2B digital leasing platform for green assets. The business model is based on the highly automated management of company bicycle rental contracts, which allows company employees to obtain bicycles and e-bikes through gross salary conversion and so on. benefit from a tax subsidy. The entire process, from onboarding the B2B customer, employees ordering the bike from retailers, to handling damage claims is done through the internal digital platform or the mobile app. As an innovation leader in the corporate bicycle market, the company has experienced strong and highly profitable growth since its inception and has been able to continuously increase its market share. Beyond corporate bikes, the existing digital platform and large customer base can be expanded to include other rental items, paving the way for an evolution into a fully comprehensive benefits platform. .
Following the acquisition, BCM AG significantly raises its forecast and now forecasts pro forma revenue for 2021 of between 120 and 130 million euros and adjusted EBITDA (pro forma) of approx. â¬ 34m (adjusted EBITDA margin between 26% and 28% pro forma). This forecast is subject to considerable uncertainty as the mid-sized BLS Group has so far reported in accordance with German GAAP (HGB) standards and a reconciliation of financial data to IFRS is required. Leases in particular generally lead to substantial accounting adjustments when presented in accordance with IFRS. The forecast is therefore subject to reconciliation to IFRS, which remains to be finalized.
The forecast performance indicators are pro forma values. This means that the Group’s results are presented as if the acquisition had already taken place on January 1, 2021. For definitions of alternative performance measures, please refer to page 73 of BCM AG’s 2020 annual report, which can be accessed at https: //ir.bcm-ag.com/websites/brockhaus/English/3000/publications.html.
Brockhaus Capital Management
Head of Investor Relations
Telephone: +49 69 20 43 40 978
Email: [email protected]
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16-Jun-2021 CET / CEST DGAP’s distribution services include regulatory announcements, financial / corporate news and press releases.
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