Fraikin, the contract hire and rental company, has been acquired by a consortium led by Alcentra and Värde Partners.
The business will be recapitalised, with a reduction of its holding debt by some €500 million. The company has also rebranded.
Chief executive Pierre-Louis Colin said: “We now have all of the necessary ingredients to go forward and propose a bold, long-term strategic plan that harnesses the full potential of the company”.
Fraikin had sales of €683 m in 2017, with more than 58,000 vehicles in 15 countries.