- Leading digital B2B leasing platform for green assets

- Rapidly growing customer base with currently around 25,000 B2B customers with an underlying workforce of c. 1.2m employees

- BCM raises forecast for fiscal year 2021 significantly

Vellmar / Frankfurt am Main, June 16, 2021. Brockhaus Capital Management AG (BKHT, ISIN: DE000A2GSU42, "BCM"), a long-term oriented technology group acquiring high-margin and high-growth technology champions with B2B business models in the German Mittelstand, has signed the purchase agreement for a majority stake in Bikeleasing-Service GmbH & Co. KG (together with its affiliated companies "BLS") on June 16, 2021. This is BCM's third majority acquisition, following its acquisitions of sensor technology specialist Palas and IT security specialist IHSE.

Established in 2015, BLS () is a leading digital B2B leasing platform for green assets. Through its platform, BLS currently enables around 25,000 corporate customers from the German SME sector ("Mittelstand") to offer their underlying workforce of c. 1.2m employees a highly automated, digital arrangement and management of company bike leasing contracts. The concept of company bikes allows employees to obtain bicycles and e-bikes, including insurance coverage, from their employers by way of gross salary conversion and therefore benefit from significant savings. The complete process, from onboarding of the B2B customer, employees ordering the bicycle from the retailer, through to the processing of damage claims is highly automated and carried out via the inhouse digital platform and mobile app.

Cycling is becoming increasingly popular. More and more people are adopting bicycles, and e-bikes in particular, as a means of transport. The COVID-19 pandemic has further fueled this development. Leasing options for company bikes are therefore becoming increasingly attractive for many companies and their employees. The advantages of cycling with regard to climate-neutral mobility have also been recognized by lawmakers which is why regulations regarding the company car ("Dienstwagenprivileg"), have been extended to also include bicycles and e-bikes: the company leases the company bike via BLS and provides it to the employee, who can save up to 40% compared to a cash purchase by way of gross salary conversion, for both business and private use.

As innovation leader in the company bike market, the company has recorded strong and highly profitable growth since its foundation and has continuously increased its market share. As part of the transaction, the current managing shareholders Bastian Krause and Paul Sinizin will retain a significant stake of 40% in BLS and will continue to manage the company in the future. In addition, they will invest at the level of BCM by way of a capital increase through contribution in kind.

Marco Brockhaus, CEO of BCM: "We are very happy that BLS is now becoming part of our group. We will actively support the company in further realizing the strong growth potential that BLS has to offer in the coming years. Beyond the company bike, the existing digital platform and broad customer base can be expanded to include other leasing objects, paving the way to evolve into a fully comprehensive social benefits platform".

The purchase price attributable to BCM is to be in part financed through a capital increase with shareholders' subscription rights, which is expected to take place in the second half of the year.

As a result of the acquisition, BCM AG is raising its forecast significantly and now expects for fiscal year 2021 pro forma revenue of between € 120m and € 130m and an adjusted EBITDA (pro forma) of approx. € 34m (adjusted EBITDA margin between 26% and 28% pro forma). The forecast performance indicators are pro forma values. This means that earnings of the Group are presented as if the acquisition had already taken place on January 1, 2021. The forecast is subject to the yet to be finalized reconciliation to IFRS: BLS reports in accordance German GAAP (HGB).

The transaction was accompanied by Dr. Ulrich Byszio as facilitator.
 

About Brockhaus Capital Management

Brockhaus Capital Management AG (BKHT, ISIN: DE000A2GSU42, "BCM"), based in Frankfurt/Main, is a technology group acquiring high-margin and high-growth technology champions with B2B business models in the German Mittelstand. With a unique platform approach and a long-term horizon, BCM actively and strategically supports its subsidiaries in achieving long-term profitable growth beyond industry and country boundaries. At the same time, BCM offers a gateway into these non-listed German technology champions, which are otherwise inaccessible to capital market investors.

About Bikeleasing

Bikeleasing-Service GmbH & Co. KG (together with its affiliated companies "BLS"; ) is a leading digital B2B leasing platform for green assets. The BLS platform currently enables around 25,000 corporate customers from the German SME sector ("Mittelstand") to offer their underlying workforce of c. 1.2m employees a highly automated, digital arrangement and management of company bike leasing contracts. BLS was founded in 2015 and employs around 130 people at its sites in Vellmar, Uslar, Freiburg and Innsbruck.

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