BlueFive buys stake in fleet manager LeasePlan Emirates

BlueFive Capital, the Abu Dhabi-based alternative asset manager, has bought a 49 percent stake in the fleet management company LeasePlan Emirates.

The stake was acquired from Ayvens, a French car leasing company, by BlueFive’s Reef PE Fund I, the UAE company said in a statement.

Solutions+, a business process outsourcing and consulting company owned by Mubadala Investment Company, one of the Abu Dhabi government’s sovereign wealth funds, holds the remaining 51 percent stake.

LeasePlan Emirates is based in Abu Dhabi and operates a fleet of around 7,000 vehicles.

No financial details were given.

Last month, BlueFive Capital purchased a 49 percent stake in Massar Solutions, which owns 8,500 vehicles across the UAE and Saudi Arabia, from Abu Dhabi National Energy Company (Taqa). Solutions+ retains the remaining 51 percent stake.

Bloomberg reported in April that the private equity company was seeking to raise $3 billion to invest in aerospace and defence companies.

Last year Mumtalakat Holding, Bahrain’s sovereign wealth fund, took a stake in BlueFive.

The company has $4.4 billion in assets under management, according to its website.

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