IFM Investors, HESTA to acquire significant stake in Splend Group
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The news: Private markets manager IFM Investors has confirmed a "significant investment" in electric vehicle car dealer Splend Group.
The numbers: IFM is investing in Splend alongside super fund HESTA and other co-investors, to acquire a 49% stake in the company.
The context: Founded in 2015, Splend has one of the largest EV fleets in Australia and supports rideshare drivers to adopt lower emission vehicles through flexible finance and ownership offerings whilst improving their earnings capacity.
Splend has a fleet approaching 7,000 vehicles across the UK and Australia markets. IFM said its investment will support Splend to further expand their fleet and operations across both countries.
The investment will also help fund the construction of dedicated rideshare charging infrastructure in Australia, it said, to help reduce the barriers to electric vehicle adoption and accelerate the decarbonisation of rideshare fleets.
Splend has recently also secured a $300 million debt financing facility from Macquarie and a $40 million financing facility from Clean Energy Finance Corporation.
What they said: IFM's executive director of private equity, Adrian Kerley, said: "We’re very pleased to be investing in a company like Splend, which fits well with our focus on tech-enabled service companies and energy transition objectives".
Splend CEO Chris King said: "We’re incredibly excited to partner with IFM, such a highly regarded global investor, who are very aligned and supportive of our ambitious plans".
"This investment will underpin the next stage of our growth strategy through expanding our offering and developing dedicated EV charging infrastructure, making EVs more accessible and even more cost effective," he said.
The source: IFM Investors media release
