29. mar 2022
Selected Car Group and Solid Leasing merge
Creates Denmark’s largest leasing and investment group for premium cars
The leasing and investment companies Selected Car Group and Solid Leasing are now making a crucial step towards a leading position in the market by merging under the Selected Car Group brand.
With the merge Selected Car Group becomes the largest company for leasing premium cars and investing in special cars in Denmark. The merge between the companies ensures a joint car fleet in the billions range with more than 5,000 contracts and at the same time creates a massive presence with branches across most of the country.
“The cooperation between Selected Car Group and Solid Leasing is quite evident, as both ownership groups are governed by propriety and good business sense! Says Torben Østergaard-Niesen, owner of Selected Car Group.
The match between our activities in the car industry is perfect both in terms of ambition and mentality and forms an ideal foundation for future growth” he continues.
The merge is a strategic move as it requires a high volume and a steady flow of customers to ensure an efficient organization that can handle the complex financing solutions, compliance, and customer service. With the joint fleet, the merged Selected Car Group achieves a critical mass of contracts, which is essential for consolidating and developing the existing competencies.
“By merging the companies Selected Car Group can take on a strong position in the market. We are therefore looking forward to bringing the synergies into action, that will help to further develop the business”, says Jacob Brunsborg, chairman of the board of Lars Larsen Group.
Consolidating strengthens investment opportunities
In practice the merge means that administration and know-how are consolidated while the offices and showrooms of the two houses continue unchanged under the joint Selected Car Group brand.
All existing contracts and customer relationships will also continue unaffected by the merge.
In addition to a growing leasing business, the interest in pool investments in exclusive cars is strongly increasing, as the unique form of investment has proven to continuously deliver good return to investors.
“Many investors are attracted by the social aspect of the investment community with other enthusiast”, says the founder and CEO of Solid Leasing Mads Lysdahl Simonsen, and continues:
“By combining the existing investment activities, we get the opportunity to attract even more international investors and thus grow faster than otherwise anticipated”, he says.
Strong commercial forces behind the ownership
Selected Car Group with headquarters in Middelfart is owned by the holding company Selfinvest. Behind the company is Torben Østergaard-Nielsen, who with Selected Car Group has created a business model combining leasing and investment activities under the same auspices. The business is a natural extension of Torben Østergaard-Nielsen’s great passion for cars, which has also resulted in one of Europe’s finest car collections in Selected Car Collection.
Solid Leasing’s majority owner is Lars Larsen Group, which in 2017 bought 70% of the company from Mads Lysdahl Simonsen, who founded Solid Leasing in 2016. Ever since then, the company has had its foot on the accelerator with annual growth rates of 60-100%.
When the merge is completed the ownership of the new Selected Car Group will be divided 50/50 between Selfinvest and Lars Larsen Group. Mads Lysdahl Simonsen is bought out as an owner but continues in the company. Chairman of the board of the new, integrated leasing and investment house will be Mikkel Hammershøj, who is also the CEO of Selfinvest.
“There is a general consolidation taking place in the leasing market, which we predict will become more coherent over the years to come”, says Mikkel Hammershøj and continues:
“So, when we are in a situation where both companies are financially rock solid and our owners can find common ground, it is an obvious chance to secure a leading position in the market. When we consolidate the ownership and the brand under one banner and a shared vision of customer service and good business, it gives us a chance that allows us to think some quite interesting thoughts for the future growth and development of the car group”, says Mikkel Hammershøj.
The deal must be approved by the competition authorities.
