Fraikin said on 12 October that affiliates of its majority shareholders, Benefit Street Partners, Värde Partners and Canyon Partners, had entered into an exclusive agreement with Asterion Industrial Partners for the contemplated acquisition of the group. Terms were not disclosed.
Why Asterion Industrial Partners is buying Fraikin
Asterion, which invests in European mid-market infrastructure, plans to keep investing in Fraikin's fleet and European operating platform, help customers move to lower-carbon vehicles and digitalise its fleet management offering. Asterion described Fraikin as providing essential infrastructure for commercial mobility across Europe.
Deal terms and financing
No price was disclosed. BofA Securities and Lazard advised the selling shareholders and management, with Latham & Watkins as legal counsel.
Regulatory approvals and timing
Completion is expected in the first quarter of 2027, subject to the completion of employee information and consultation processes and the necessary regulatory approvals.
Market context
Fraikin offers contract hire, fleet management and flexible rental to customers in sectors including healthcare, food distribution, utilities, waste and logistics. The three funds took control in early 2018 after a debt-for-equity swap, according to Spanish trade title Fleet People, which said they had been trying to sell the business since 2024. Asterion was founded in 2018 and closed its Industrial Infra Fund III on €3.4bn in September 2025.
