SGS is pleased to announce the signing of an agreement to divest its Automotive Asset Assessment and Retail Network Services operations to Macadam Europe NV, specialist in end of lease assessment for leasing companies and original equipment manufacturers (OEM), headquartered in Brussels, Belgium.
The Automotive Asset Assessment and Retail Network Services operations relate to services such as off-lease vehicle inspections, new vehicle inspections or dealership standard audits. It currently includes 250+ employees in 19 countries in Europe and Turkey, and had revenues of approximately EUR 21 million in 2022.
This divestment is part of a portfolio evolution which is further aligning the group to our major TIC megatrends. The sale is expected to be completed on July 1, 2023 and subject to consultation with employees as required by the local jurisdictions.
Frankie Ng, CEO of SGS said: “Today marks the beginning of a new journey for our Asset Assessment and Retail Network Services business. I would like to thank customers who have placed their trust in us, and our employees who have built the business to where it is today. Macadam is the right party to take the business forward and will serve as a good custodian of the business in the future.”