ALD Automotive Group to Acquire ULTEA, Inc.
MADISON, WI – ALD Automotive Group, a wholly owned subsidiary of Société Genéralé (SCGLY) with headquarters in Paris, has reached an agreement with Heartland Financial USA, Inc., to purchase 100 percent of ULTEA, Inc.'s stock. The transaction is scheduled to close this week.
ULTEA is a mid-sized fleet management company also based in Madison. ALD Automotive and ULTEA will maintain their U.S. headquarters in Madison and be renamed ALD Automotive USA. Keith J. Kreps will lead the U.S. subsidiary as CEO.
ALD Automotive is the operational leasing and fleet management business line of the Societe Generale Group. ALD Automotive operates in 35 countries and employs 3,200 globally. As of September 2006, it managed more than 650,300 vehicles.
The transaction will enable ULTEA to be a global fleet management partner to its current and future client base, with national presence and the opportunity for continued growth and technology enhancements.
"ALD has chosen ULTEA as a platform to launch its operations in the U.S," said Kreps.
"The acquisition of ULTEA is in line with ALD Automotive's strategy to establish itself as a worldwide partner for our international customers, offering them operational leasing and fleet management solutions around the globe," said Jean-Claude Renaud, chief executive officer of ALD International. "American clients of ALD Automotive will benefit from ULTEA's services in the U.S., strengthening the overall relationship and enabling us to quickly develop commercial synergies with our new subsidiary."