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Europcar Group acquires Goldcar to become a major player in low cost rental

Susana Costa with Goldcar rental car 1
Athlete Susana Costa with Goldcar rental car

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20 June 2017

EUROPCAR  Group acquires Goldcar, Europe’s largest low cost car rental company, to become a major player in low cost rental.

Goldcar is a major low cost operator in Europe thanks to its strong positions in Spain and Portugal and its strong know-how in running a lean and efficient pure low-cost operating model.

Goldcar has built an impressive track record of organic growth (delivering 17% revenue growth p.a. between 2008 and 2016). In 2016, it generated revenues of around €240 million and an estimated adjusted Corporate EBITDA of approximately €48 million.

With this strategic acquisition, the Europcar Group will increase its exposure to three major growth engines – the Mediterranean region, the leisure segment and the low cost segment – and become a major player in the fast growing European low cost segment.

The acquisition of Goldcar will create value for the Europcar Group as it will strengthen the Group’s expertise and know-how in low cost operations and will therefore significantly improve the revenue growth prospects of Europcar’s low cost business unit.

The acquisition is subject to customary conditions and is expected to close in the second half of the year 2017.

Caroline Parot, Europcar Group chief executive, said: “Following the acquisition of Buchbinder in May, the acquisition of Goldcar is yet another major strategic step for the Europcar Group as it will enable us to become a major player in the European low cost segment.

“This strategic move is fully in line with our 2020 Ambition and boosts our confidence in our ability to deliver the targets we announced in October 2016 of reaching at least €3 billion of annual revenue and an Adjusted Corporate EBITDA margin at the Group level of at least 14% by the end of 2020.

“With the combination of InterRent, Buchbinder and Goldcar, we will build the platform and the scale we were aiming for in the low cost segment. Hence, we expect our low cost business unit to generate a significant portion of our Group revenues in the future and more importantly to anchor the development of the Group as a whole.”

She added: “This game changing transaction confirms the major role we want to play in our industry’s European consolidation process. After the recent transactions with our Irish and Danish franchisees, the acquisition of Buchbinder in Germany, and now the acquisition of Goldcar, we are well placed to have completed the bulk of our 2020 ambition in terms of acquisitions.

“Following the acquisition of Goldcar, we intend to focus on integration, delivering the expected synergies, but also to continue to work on the digitalisation of our customer journey, the development of our footprint and the pursuit of operational excellence.”

 

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