- Stellantis is selling Free2move to Mutares.
- The deal is expected to close later this year.
- Automaker wants to focus on core activities.
Not long ago, car-sharing seemed like the hot new thing. Turo was gaining in popularity, so GM responded with their car-sharing platform known as Maven.
Stellantis also got in on the action with Free2move, which was acquired through PSA. It operates in a handful of cities in Europe and the United States. However, it’s largely flown under the radar.
More: PSA Returns To The U.S. With The Launch Of Its Free2Move Service In Settle
The automaker is now calling it quits as they’ve announced plans to sell the company to Mutares SE & Co. KGaA. That name probably doesn’t ring a bell, but they’re a private equity firm based in Germany. They own a number of companies including everything from dairy and energy firms to automotive suppliers.
Stellantis didn’t say much about the move, but noted the transaction should be completed by the end of the year. They also stated the sale aligns with their FaSTLAne 2030 plan, which calls on focusing “investments and resources to the regions, brands, and technologies that can generate the strongest returns.” That’s a not so subtle way of saying Free2move wasn’t worth keeping around.
Stellantis’ Head of Business Development & Partnerships, Virgilio Cerutti, said “By sharpening our focus on core automotive activities, we strengthen our capacity to deliver long-term performance. We are committed to working closely with all stakeholders to support a smooth transition process for customers, partners, and employees.”
Mutares Chief Investment Officer Johannes Laumann remarked, “Free2move’s car-sharing business combines a strong, internationally recognized brand with clear potential for operational improvement following an intended carve-out from Stellantis. Together with the management team, we look forward to strengthening Free2move’s operating model and further developing the company into an independent leading platform in the mobility sector.”
While Free2move isn’t widely known, the firm offers car-sharing, car rentals, and parking. The company reportedly has over six million customers and offers sharing in Amsterdam, Rome, Madrid, Paris, Berlin, and Washington DC – among others.
