HESTA and super fund-owned investment vehicle IFM Investors has acquired a stake in subscription vehicles company Splend Group.
IFM Investors and HESTA (who invested through its mandate with the former), alongside other co-investors, will acquire 49 per cent of the company.
Splend is an Australian-owned company that has close to 7,000 vehicles across Australian and the UK markets. It has one of the largest electric vehicle fleets in Australia and allows rideshare drivers to adopt lower emission vehicles through its finance and ownership offerings.
The investment will support Splend’s further expansion in both markets.
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