9 Dec 21

Sweden’s Hedin acquires Dutch Stern Groep

Dutch automotive group Stern is being acquired almost in its entirety by Hedin Mobility Group from Sweden. Hedin has agreed to buy Stern’s dealer, repair, rental and holding activities. Stern’s shares in Bovemij are not part of the deal, which according to Automobiel Management magazine is worth at least €103 million. 

Negotiations about joining the automotive business of both companies started in January 2020, but were hampered by the pandemic. The deal as it now stands will see Hedin acquire all shared in Stern Facilitair. Both parties aim to close the deal, which remains subject to approval by shareholders and regulators, in the first quarter of next year.

Hedin says combining both companies will generate synergies that will enable the creation of a pan-European mobility provider, with Stern as its hub in the Netherlands. “The combined group will be well positioned to play a leading role in the expected consolidation of automotive retailers in Europe”, Stern and Hedin said in a statement. 

The exclusion from the deal of Stern’s share in Bovemij, recently valued at €19.3 million, reflects Hedin’s conviction that Stern’s stock notation is not the right vehicle for continued growth. 

Hedin Mobility Group is a family-owned company that focuses on selling and servicing vehicles, dealing in vehicle parts and tires, and offering cars for rent. Apart from its native Sweden, it also does business in Norway, Denmark, Germany, Switzerland and Belgium.

Image: Stern Groep

Authored by: Frank Jacobs