Mangrove Capital Partners, Bscope
About the Client
CiteeCar operates a unique low-price business model and was recently awarded “Best Car sharing 2014“ in Germany. The company now has a fleet of over 500 cars in four German cities. It rents these cars for as little as €1 per hour to urban dwellers who prefer to access a car when they need it rather than carrying the cost of owning one. Its market leading price point has mobilized thousands of people to adopt car sharing as an affordable and permanent alternative to car ownership.
About the Deal
GP Bullhound have acted as financial advisor to Germany’s leading independent car sharing operator, CiteeCar, on an investment round backed by Bscope and Mangrove Capital Partners. The company raised € 8 million, making it the largest placement in the automotive collaborative consumption space in the past 12 months. Mangrove Capital Partners led the investment with participation from Bscope, the direct investment arm of a leading European family office with a long history in the automotive industry. The company will use the funds to continue their expansion in Germany and internationally.
In a statement CiteeCar’s CEO Bill Jones commented: “We’ve already demonstrated that at the right price point people will change their mobility behavior. We are convinced that shared access to private cars will become the norm in our already congested cities and we plan to be at the forefront of this mobility revolution.” Industry analysis from Frost & Sullivan suggests the number of people using ‘shared cars’ on a regular basis will rise to 15 million in Europe by 2020.
Mr Jones continues “GP Bullhound has been extremely helpful every step of the way, and has shown total dedication throughout the process, which resulted in the best transaction with the right investor.”
Guillaume Bonneton, Partner, GP Bullhound commented: “CiteeCar represents an interesting combination of community car sharing and professional car rental. We are proud to have helped with the emergence of a leading European player in this space.”