A vehicle management business owned by telecommunications giant BT Group has been sold to German investment firm Aurelius.
Solihull-based BT Fleet Solutions is an end-to-end commercial fleet management operator and offers services through a network of 65 in-house garages, 500 partner facilities and more than 50 mobile technicians.
Founded in 2002, the company employs around 950 staff around the 海角视频 and manages more than 80,000 vehicles for over 26 blue chip customers across diversified industries, with turnover of £209 million in 2017/18.
BT Group said the sale was part of its ongoing transformation programme to focus on connectivity and services.
Terms of the buyout were not disclosed and the deal is due to complete by the end of this year.
Aurelius' chief executive Dirk Markus said: "This acquisition is a further example of our specialism in acquiring non-core divisions that have been carved out of large corporates and are in need of operational support to transform them into standalone, sustainable organisations.
"BT Fleet Solutions is a strong business with a high-calibre customer base.
"We look forward to working with management to ensure a smooth transition in the coming months, positioning the company as an independent entity that is ready to capture the significant growth opportunity available in the 海角视频 market.
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"This deal is a demonstration of our continued interest in the 海角视频 market, which presents a number of compelling opportunities for us as a result of the ongoing economic and political uncertainty that has arisen out of Brexit."
Gerry McQuade, chief executive of BT's enterprise unit, added: "The acquisition of BT Fleet Solutions by Aurelius is an exciting and significant step forward in its development and will deliver for its customers, people and the BT Group.
"Over the past five years, our fleet business has grown into a multi-award winning market leader in the sector.
"With BT's renewed focus on investing in the best fixed and mobile networks in the 海角视频, and with BT Fleet Solutions well positioned to achieve further growth, the time is right for the business to find a new home."
Advisers acting on the deal were Bryan Cave Leighton Paisner, Deloitte, KPMG, Lazard and Mayer Brown.