The PSA Group and Montreal-based merchant bank MacKinnon, Bennett & Co. (MKB) today announced that they have acquired a stake in the capital of Communauto, a major player in North America’s car-sharing market for the past 22 years, with operations in 7 cities in Canada as well as in Paris.
The investment was carried out jointly by the PSA Group and MKB, a merchant bank specializing in private investments in the renewable energy and smart cities sector.
The strategic partnership will allow an innovative and profitable car-sharing model to be exported internationally. In particular, it will enable the partners to pool together their assets, networks and areas of expertise.
The transaction will help Communauto to speed up its international expansion, consolidate its leadership position in North America and roll out its electrification strategy.
This partnership with a long-standing player in the North American car-sharing market is part of the PSA Group’s “Push to Pass” strategic plan. By helping the Group to meet its customers’ various mobility needs, particularly through car-sharing, and enabling it to offer mobility services to the North American market, the partnership fulfils a dual objective.
Commenting, Brigitte Courtehoux, Senior Vice-President of the Connected Services and New Mobility Solutions business unit for the PSA Group, said: “Driven by changing user practices and consumer behaviours, the mobility revolution is transforming our ecosystem, and Communauto’s strategy is aimed directly at this paradigm shift. We are now in a position to offer a full range of mobility services and solutions that suit every need.”
Kenneth MacKinnon, President and CEO of MacKinnon, Bennett & Co., said: “Car-sharing is becoming a high-potential segment. Led by its experienced CEO, Benoit Robert, the Communauto team has already proved its worth and is at the forefront of this (r)evolution, with its unique business model offering both station-to-station and free-floating car-sharing services, a fleet of vehicles that includes EVs, hybrids and petrol-driven cars, and the possibility to connect with public transport. This very appealing combination is going to significantly improve the urban transport landscape.”
Benoît Robert, founder and CEO of Communauto, added: “This strategic alliance gives us direct access to both a global carmaker and a major player in the financing of renewable energies and urban infrastructure. This combination of our know-how with financial backing and a manufacturing base will finally give us the means we need to achieve our ambitions.”
