Santander acquires Athlon Sweden
Santander Consumer Finance (SCF), part of Grupo Santander, is acquiring Athlon Sweden AB, part of Mercedes-Benz Mobility. The deal is in line with Grupo Santander’s ambition to become an all-round provider of full-service vehicle leasing products in all channels.
By acquiring Athlon Sweden, which has its base in the southern city of Malmö (pictured) and a sales presence in Stockholm, SCF instantly gets a well-established team with the know-how to run a complete operational leasing and fleet management business.
With its 27 employees, Athlon Sweden is a relatively small player. However, it has grown rapidly over the past five years. With a portfolio of 5,200 cars and LCVs, it currently is the ninth-largest player on the Swedish market.
By leveraging Santander’s purchasing power and its dealer and OEM networks, SCF will be able to use this acquisition for significant growth in the Nordic region. Thanks to its now-expanded product suite, SCF will be able to provide its customers and partners with a wider range of mobility services.
So, why did Athlon sell its Swedish subsidiary? “As Athlon Group, we will focus our own activities and investments outside of the Nordics”, says Christian Schüler, CEO of Athlon. “We are pleased that SCF trusts the experience of Athlon Sweden and will serve the customers with the same team after the closing. In addition, Santander will join our partner network, ensuring a smooth transition for our international customers as well.”
Speaking for SCF, its global head of Leasing Ignacio Barbadillo says: “Acquiring Athlon Sweden enables us to develop a Nordic leasing competence hub to support Nordic and European business expansion, and it supports the acceleration of our operational lease strategy in the Nordics.”
The deal is expected to close in the first half of next year, pending approval of the relevant competition authorities. More info on plans for future business development will follow after that.
Image: Shutterstock 2012554415