Financing growth for leading auto dealer
Van Mossel Automotive Groep (VMAG) is one of the largest automotive dealerships in the Netherlands, with 60 branches and sales locations across the country and over 1,200 employees, as well as branches in Belgium and Germany. It is a family-owned, multi-brand mobility company that is active in automotive dealership, leasing, rental and repair & maintenance, selling over 40,000 new and used cars each year.
Throughout the years, VMAG has further developed as a mobility partner for its client base with customized product offerings, including B2B and B2C sales of vehicles, leasing solutions, insurance, body repair (VMAG recently acquired five Care Schadeservice centres) and other services.
VMAG has been our client since 2012 when we provided financing for its leasing business, International Car Lease Holding. In 2016, VMAG began the process of refinancing its dealer and repair activities, in a deal funded by a number of banks, including NIBC. The refinancing was successfully closed in November 2016 and further supports the group’s continuous growth in mobility activities.
In 2016, we jointly provided senior credit facilities to VMAG for its business activities in a tailor-made financing solution involving several tranches. This tailor made financing solution, which included seasonal, senior and junior elements, together with the timescales, meant it has not been an easy project, and has relied on NIBC’s proactive commitment and that of the other banks to reach completion. We are proud of the successful closing of the refinancing and look forward to assisting the group with their future growth plans and objectives.
We are delighted with the successful closing of the refinancing, in which NIBC played an important role. The team has once again shown their expertise and flexibility, with in-depth market knowledge and experience. We would like to express our sincere appreciation to NIBC for that. - Jurrie Scholtens, Financial Director VMAG