Turnaround Restructuring
Eurazeo to acquire Europcar from Volkswagen for €3bn
Du : 10/03/2006
French firm Eurazeo has agreed to acquire 100 per cent of the capital of European car rental outfit Europcar from Volkswagen for €3bn.
The Europcar network includes more than 2,900 rental agencies in about 145 countries and 5,200 employees. In 2005, with an average fleet in excess of 220,000 hire cars and vans, Europcar had revenues of €1.28bn, according to a statement.
Patrick Sayer, president of the Eurazeo management board, said, 'We are delighted to be acquiring Europcar, which, with an initial equity investment of close to €900m, will be one of the more significant Eurazeo investments.
'This investment undertaken independently by Eurazeo is an important step for the company in view of its size and the considerable geographical reach of Europcar. It confirms our ability to carry out large, complex transactions in partnership with major European groups wishing to refocus on their core activities,' Sayer continued.
Xavier Marin, member of the Eurazeo management board, added, 'Europcar benefits from a number of key advantages which has allowed it to become the leading European car rental operator with the best operational performance: quality management, a well known brand, the reach of its network and the performance of its information systems. In addition, Europcar offers the greatest potential for development in new markets and through new partnerships.'
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The Europcar network includes more than 2,900 rental agencies in about 145 countries and 5,200 employees. In 2005, with an average fleet in excess of 220,000 hire cars and vans, Europcar had revenues of €1.28bn, according to a statement.
Patrick Sayer, president of the Eurazeo management board, said, 'We are delighted to be acquiring Europcar, which, with an initial equity investment of close to €900m, will be one of the more significant Eurazeo investments.
'This investment undertaken independently by Eurazeo is an important step for the company in view of its size and the considerable geographical reach of Europcar. It confirms our ability to carry out large, complex transactions in partnership with major European groups wishing to refocus on their core activities,' Sayer continued.
Xavier Marin, member of the Eurazeo management board, added, 'Europcar benefits from a number of key advantages which has allowed it to become the leading European car rental operator with the best operational performance: quality management, a well known brand, the reach of its network and the performance of its information systems. In addition, Europcar offers the greatest potential for development in new markets and through new partnerships.'
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[28/05/2009] PEI Asia, July/August 2009, Mapping the turnaround market
[14/03/2007] March 28-31 Dallas TMA Conference Updates Corporate Renewal Professionals on Best Practices
[01/03/2006] KPMG adds turnaround executives to its restructuring practice
[01/02/2006] Chief Restructuring Officers: The Lender’s Secret Weapon
[01/11/2005] Northern California Turnaround Pioneer Receives ACTP Lifetime Achievement Award
[01/11/2005] Tom Ridge and Cokie Roberts Speak at Turnaround Management Association's Chicago Convention, Oct. 20-21
[01/11/2005] Turnaround Professionals to Take on Gulf Coast Business Renewal Project