Global investment firm KKR has struck a deal to buy vehicle rental and leasing firm Dawsongroup for an undisclosed amount.
The acquisition, which is subject to regulatory approval, will be made as part of KKR’s Global Climate strategy, dedicated to scaling net-zero solutions and transitioning and decarbonising higher emitting assets.
Vincent Policard, partner and co-head of European infrastructure at KKR, said: “As one of the largest independent lessors of vehicles and temperature-controlled solutions in the UK, Dawsongroup is a key player in the decarbonisation of mobility. We see a significant opportunity to accelerate the electrification of Dawsongroup’s fleet, in support of the Dawsongroup management team’s focus on sustainable solutions, and aligned with KKR’s commitment to advancing the transition to a low-carbon future.”
Dawsongroup said the new ownership would support its growth strategy and fleet transition in collaboration with the existing management team.
Headquartered in Milton Keynes, UK, the group was founded as a family haulage business in 1935 by AEH Dawson and moved into vehicle rental in 1974 under the leadership of Dawson’s son, Peter Dawson, who passed away late 2024.
Dawsongroup said joining forces with KKR would enable the business to deliver on the next stage of its development, benefiting both customers and employees.
Last year, the business posted a record performance with group EBITDA of c.£250m and said that under new ownership, management would build on this strong platform to expand the markets it serves throughout the entire supply chain.
In a statement, the company commented: “As a business which effectively utilises EV, solar, Stage 5 generators, and battery storage as part of its unique energy focused service capabilities, Dawsongroup and KKR’s strategic partnership will significantly accelerate the decarbonisation of vehicle and asset leasing solutions. KKR will also work with Dawsongroup to implement an employee ownership programme, providing Dawsongroup employees with the opportunity to directly participate in the group’s future success.”
Stephen Miller, CEO of Dawsongroup, added: “KKR’s support will accelerate the launch of our sustainable growth strategy by continuing to deliver market-leading services for our customers in the UK, maintaining our EBITDA margin profile and providing a real opportunity to expand our unique offering internationally. We are delighted to have the backing of KKR as we enter the next phase of our development and effectively contribute to our customers’ transition to zero emissions.”
With over 15 years of experience in infrastructure investing, KKR extensive expertise in renewable energy and climate-related investments and has invested more than $21bn (£17bn) in this sector from its infrastructure platform alone. To date, KKR has made three investments from its Global Climate strategy, including in Zenobē, a UK-based market leader in transport electrification and battery storage solutions.
