You might not immediately think about it when you step into your company car in the morning, but there is an entire world of software behind the fleet management of leasing companies. One of the leading players in this segment is CarWise. Since 1989, this company has been developing software solutions for leasing and rental companies. In 2025, the company was acquired by software investor Main Capital Partners. Marktlink Capital is participating in this transaction as a co-investor. Olivier Barge (Marktlink Capital) and Jeffrey Sanya (Main Capital Partners) explain what makes this deal so attractive.
First, a few words about co-investments. Put simply, a co-investment takes place when a private equity firm acquires a company as majority shareholder and another party joins as minority shareholder. This can be another fund, a company, or a limited partner (an investor in a private equity fund), such as Marktlink Capital. Sometimes a fund needs additional capital to execute larger deals, while co-investors obtain a (larger) stake in the transaction. Beyond purely financial motives, there are additional reasons for co-investments: funds can attract co-investors with deep expertise in specific regions or markets, and co-investors can use such transactions to further refine and strengthen their own investment strategy.
Collaboration between Main Capital and Marktlink Capital
This is clearly reflected in this deal, explains Jeffrey Sanya of Main: the initial transaction is already substantial in its own right, but on top of that, a significant additional amount is reserved in the fund for follow-on acquisitions as part of the intended buy-and-build strategy. In this strategy, companies in the same sector are added to CarWise to broaden the product offering, for example, or to accelerate geographic expansion.
For several reasons, it was desirable to involve external parties. So why Marktlink Capital? Here, the existing relationship plays an important role. Marktlink Capital has previously collaborated with Main on multiple occasions, including raising capital via fund-of-funds and feeder funds for Main Capital’s funds. As a result, the parties can move quickly – something Marktlink Capital always strives for: a short deal turnaround time. In addition, Marktlink Capital brings other advantages, such as a broad network among entrepreneurs.
Smart, scalable and well-maintained software
Naturally, Marktlink Capital would not have entered into this deal if we did not, like Main, believe that this partnership has significant potential. First and foremost, the product itself is simply very strong: at Main, they compared the available providers and CarWise came out on top. Sanya describes the software as smart, scalable and well maintained. In addition, churn is very low, which indicates that users are satisfied with the software and tend to use it for many years, rather than switching to a competitor after a short period. The financial results confirm this picture: strong growth figures, best-in-class margins and solid operational profitability have already created a robust foundation.
Building on this foundation, there is substantial potential for European expansion. In the Netherlands, CarWise already holds a large market share in the mid-market segment, while abroad the market is much more fragmented. The Netherlands is also a clear frontrunner in the leasing market. The expectation is that other European countries will follow this trend – not least because Dutch providers are both crossing borders themselves and acquiring foreign players. As Sanya notes, leading companies in the Dutch leasing industry, such as Van Mossel and AutoBinck, are themselves very active in buy-and-build strategies to accelerate their international expansion.
Five out of five
In addition to room for expansion in breadth – through organic growth and acquisitions – there is still considerable potential to further deepen the product offering. For example, the leasing software is not only suitable for cars, but also for comparable assets such as bicycles, trucks, and more.
In summary, Barge concludes that this deal meets most of the key criteria that Marktlink Capital sets for an investment: a reputable fund with a strong track record, a robust product, a solid company, a clear growth trajectory (both organic and acquisition-driven), and ample scope for internationalisation. Marktlink Capital receives around 175 investment opportunities per year. Only a small percentage passes the very strict selection process – but with CarWise, everything came together.
This article was previously published in the December 2025 edition of Marktlink Magazine.
