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Belgian bike leasing company o2o joins forces with German player GMH

October 18, 2023
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Axelle

Fast-growing Belgian bike leasing company o2o Bicycle Leasing is joining forces with Germany's Green Mobility Holding (GMH) in order to strengthen future growth and form one leading European market player.

Stronger together towards becoming a European market leader

Belgian bike leasing market leader o2o Bicycle Leasing (o2o) has announced that it has attracted a new strategic investor in Green Mobility Holding (GMH), a leading German (e-) bike leasing company, who in turn are owned by Rivean Capital and Deutsche Private Equity.

The acquisition marks an important step towards further strengthening o2o's growth and becoming a leading player at a European market level. Given o2o's solid growth in recent years, along with its consolidation of its Belgian market share and healthy finances, o2o has come to be regarded as a desirable player to partner up with.

This transaction will see GMH acquiring all of o2o's shares, with former o2o shareholders retaining a significant stake in GMH. While financial details will remain confidential, this transaction is being regarded as an accelerator for the group's further growth, as well as a positive step in making corporate mobility more sustainable. Throughout these proceedings, o2o sought guidance from mergers & acquisitions advisors Level Next, as well as legal advice from Derycke & Vandenberghe Advocaten.

A powerful player with an ambitious mission

Founded in 2016 and headquartered in Ghent, o2o has established itself as a leading provider of bike leasing solutions for Belgian organisations with at least five employees. With the help of a self-developed, highly integrated and user-friendly platform, o2o has managed to significantly lower the threshold for employers, employees and bike dealers when it comes to bicycle leasing. o2o's mission is to make mobility more affordable, accessible and sustainable.With a team now totalling 45 dedicated employees, o2o has been working steadily since its inception to serve and fully unburden over 1,000 businesses – including Barry Callebaut, Total Energies, TVH, HR Rail, Volvo Car Belgium, Ahold Delhaize, Proximus and Brussels Airport Company – of their bike leasing needs. As a result, o2o has been able to reach over 300,000 employees, helping them lease the bicycle of their dreams through a network of over 1,200 bike dealers, online bike retailers and bike brands.

Several partners respond positively

Maximilian Acht, CEO of Green Mobility Holding, emphasises the value of this acquisition: "The acquisition of o2o marks our first step outside of Germany and into the European market. We are delighted that o2o's founders and entire management team remain on board and will contribute to our joint success.”

Geert De Rycke, o2o CEO, points to the synergy between the two companies: "GMH is the perfect partner to help support our growth in Belgium, while also helping to continue driving the growing bike leasing market. Our shared mission to promote more accessible, affordable and sustainable mobility for employees makes us a perfect match."

Matthias Wilcken, Senior Partner at Rivean Capital, underlines the broader picture: "When we acquired GMH in July, we expressed our intention to provide the company with capital and strategic expertise to continue driving growth, not only in Germany, but also across Europe. Investing in o2o marks our first milestone on this path." This acquisition marks an important step within GMH's overall growth strategy, which last year generated sales of around €140 million. For 2023, GMH is once again expecting significant growth, with their subsidiaries Company Bike, mein-dienstrad.de and o2o acting as key drivers for success.