Hedin Mobility Group intends to acquire Iveco Group’s Nordic distribution and retail operations
The acquisition would see Hedin Mobility Group expand into truck distribution with the IVECO brand and establish its first own retail presence in Denmark.
MÖLNDAL, SWEDEN, March 30, 2023 –– Hedin Mobility Group AB (publ) and Iveco Group N.V. have today announced the signing of a Letter of Intent for the acquisition of Iveco Group’s distribution and retail operations in Sweden, Norway, Finland, and Denmark.
Through the proposed acquisition, Hedin Mobility Group will take over the business of marketing and distributing IVECO light commercial vehicles, medium- and heavy-duty trucks, and minibuses sold through the retail network, in the four Nordic countries, including spare parts. As part of the transaction, Hedin Mobility Group will also acquire the retail business at the IVECO-owned full-service dealerships in Sweden (Gothenburg and Helsingborg), Norway (Bærum), Finland (Espoo), and Denmark (Odense).
Subject to regulatory approval, the transaction is expected to be completed by the end of 2023.
Iveco Group’s commercial vehicle product range, recently enhanced by electric LCVs and heavy-duty trucks, is currently sold and serviced in the Nordics through 39 dealers and more than 100 workshops.
Gerrit Marx, CEO, Iveco Group, commented:
“We are delighted to have found a partner to grow our presence throughout the entire Nordic region. Collaboration with an ambitious, entrepreneurial company that enjoys remarkable market penetration like Hedin Mobility Group will boost product success across all our truck ranges, particularly electric and alternative propulsion vehicles. This expansion is fully in line with our strategy to foster a complete offering of innovative products and services in Europe, for the ultimate benefit of end-customers, dealers, and all our stakeholders”.
Anders Hedin, founder and CEO of Hedin Mobility Group, said:
“We are very pleased to have the opportunity to enter this strategic partnership with Iveco, one of the world’s leading companies in road transportation, and to become the brand’s Nordic lighthouse. This transaction represents several milestones for our Group: expansion of our distribution business to include medium- and heavy-duty trucks, first sales of commercial vehicles in Norway, and our first own vehicle retail operation on the Danish market. We look forward to the continued dialogue with Iveco Group to finalise our agreement and to welcome the businesses and their employees to Hedin Mobility Group.”
About Iveco Group
Iveco Group N.V. (MI: IVG) is the home of unique people and brands that power your business and mission to advance a more sustainable society. The eight brands are each a major force in its specific business: IVECO, a pioneering commercial vehicles brand that designs, manufactures, and markets heavy, medium, and light-duty trucks; FPT Industrial, a global leader in a vast array of advanced powertrain technologies in the agriculture, construction, marine, power generation, and commercial vehicles sectors; IVECO BUS and HEULIEZ, mass-transit and premium bus and coach brands; IDV, for highly-specialised defence and civil protection equipment; ASTRA, a leader in large-scale heavy-duty quarry and construction vehicles; MAGIRUS, the industry-reputed firefighting vehicle and equipment manufacturer; and IVECO CAPITAL, the financing arm which supports them all. Iveco Group employs approximately 34,000 people around the world and has 28 manufacturing plants and 29 R&D centres. Further information is available on the Company’s website www.ivecogroup.com
Press contacts
Hedin Mobility Group
Magnus Matsson
PR & Communication Manager
+46 31 790 00 82
press@hedinmobilitygroup.com
Iveco Group
Francesco Polsinelli
+39 335 1776091
Fabio Lepore
+39 335 7469007
mediarelations@ivecogroup.com