PwC Corporate Finance advises on the sale of Dawsongroup plc to KKR

The PwC UK Corporate Finance team is pleased to announce that it acted as financial advisor to the shareholders of Dawsongroup plc, a leading independent asset leasing business which provides a diverse range of business-critical solutions, on the landmark sale to KKR, a global investment firm.

The new ownership will support Dawsongroup’s ambitious growth strategy and fleet transition in partnership with the existing management team.

Strategic partnership and investment goals

As part of the transaction, KKR will become the majority owner of Dawsongroup. The acquisition will be made as part of KKR’s Global Climate strategy, dedicated to scaling net-zero solutions and transitioning and decarbonizing higher emitting assets, which closely aligns with Dawsongroup’s long-term sustainability-led ambitions.

The transaction is subject to customary closing conditions and regulatory approvals.

Dawsongroup's market leadership and expansion plans

Headquartered in Milton Keynes, UK, Dawsongroup has developed a solid platform with first-rate supplier relationships, a diversified customer base and is a supportive employer to over 1,150 employees across 11 countries. Since its inception in 1935, Dawsongroup has grown to be a sector leader in asset leasing, including vehicles and refrigerated boxes, with a broad and integrated business model that involves the customisation of assets to customer specification as well as maintenance and repairs. Dawsongroup has developed a strong position in the UK and a growing presence overseas with its highly attractive Smarter Asset Strategy, enabling businesses to cost-effectively transition to net zero.

As a fast-growing company with a strong track record of year-on-year growth, Dawsongroup has an ambitious, sustainable growth strategy in place to unlock its significant potential. Last year it posted a record performance with Group EBITDA of c.£250m and under new ownership, management will build on this strong platform to expand the markets it serves throughout the entire supply chain.

The Dawson family has controlled the Group for over 90 years, overseeing its significant growth to date. Joining forces with KKR will enable Dawsongroup to deliver on the next stage of its development, benefiting both customers and employees. 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.

PwC's role and expertise

PwC acted as financial advisor to Dawsongroup.

This landmark transaction highlights PwC's position as one of the leading financial advisors broadly across corporate finance and particularly in the energy transition sector, with the team also recently advising KKR on its $750m investment in Zenobe Energy and DIF Capital Partners on its £200m investment into Field Energy.

The Corporate Finance deal team was led by Duncan Skailes, James Pincus, Jonathan Raggett and Richard Baty.

Steve Miller, CEO of Dawsongroup said:

“We are excited to be working with KKR, the ideal partner to support our long-term sustainability goals and to enable us to accelerate our growth strategy, expand our market presence, and continue to provide market-leading support to our customers.”

“We are delighted with the support and expertise that we had from PwC throughout this process. They have been at our side throughout and have been instrumental in achieving this successful outcome.”

Duncan Skailes, Partner at PwC said:

“It has been a privilege to advise on this landmark transaction for Dawsongroup after over 90 years of family control. We are very pleased to have achieved a fantastic outcome for the shareholders, the business and the management team and look forward to seeing the business realise its ambitious plans with the ideal partner in KKR.”

James Pincus, Partner at PwC said:

“This transaction emphasises PwC’s expertise in advising on complex, high-impact deals broadly across corporate finance and particularly within the energy transition and infrastructure sectors. We are proud to have played a pivotal role in bringing together Dawsongroup and KKR, a partnership that promises to deliver substantial value and drive forward the decarbonization of asset leasing solutions.”

If you would like to discuss the energy transition and infrastructure M&A market then please contact Duncan Skailes, James Pincus, Jonathan Raggett or Richard Baty.

About Dawsongroup

Dawsongroup is a leading independent asset leasing platform with a robust market position, providing a diverse range of business-critical solutions for longstanding blue-chip customers. Its Smarter Asset Strategy helps businesses improve efficiency and flexibility by offering high-quality equipment without the cost of ownership. This approach enables companies to access the latest technology, scale operations, and reduce capital expenditure, allowing them to adapt quickly to market demands and focus on growth.

Dawsongroup is a UK-headquartered business founded in Leighton Buzzard in 1935, has developed a solid platform with first-rate supplier relationships, a diversified customer base and is a supportive employer to over 1,150 employees across 11 countries. For additional information about Dawsongroup, please visit the Group’s website at www.dawsongroup.co.uk

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.KKR.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.