Europcar Group to acquire Goldcar

Α Decrease font Enlarge font
Europcar Group to acquire GoldcarGoldcar is a major low cost operator in Europe thanks to its strong positions in Spain and Portugal

Europcar Group, the European leader in vehicle rental services and a major player in mobility markets, announces today that it has signed an agreement with Investindustrial to acquire Goldcar, Europe’s largest low cost car rental company.

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) and best-in-class Corporate EBITDA margins and FCF conversion rates. In 2016, Goldcar 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 will 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 precedent, including its approval by antitrust authorities, and is expected to close in the second half of the year 2017.

The proposed transaction, which is expected to generate close to €30 million of cost synergies per annum by 2020, is based on a Corporate Enterprise Value of €550 million and a post-synergy Adjusted Corporate EBITDA around 7x. Europcar Group expects the transaction to be materially accretive to its earnings per share from the first full year post closing onwards.

A dedicated bridge-financing has been signed with by a large and international banking syndicate to support the binding offer made by Europcar Group and to cover Goldcar’s corporate- and fleet-related refinancing needs. In order to maintain an efficient and resilient capital structure, Europcar Group plans to raise equity in an amount representing up to 10% of its capital, subject to market conditions. Post the proposed Goldcar acquisition and equity raise, Europcar Group expects to reach a Corporate Net financial Debt to EBITDA ratio comfortably below 3x by year end 2017[2].

For Caroline Parot, Chief Executive Officer of Europcar Group:

“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[3].

 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.

 We are pleased to welcome an experienced management team with its best-in-class know- how and track record in the low cost segment into the Group. We look forward to working together with them on the integration of Goldcar into the Europcar Group. This combination of our two highly compatible businesses will not only create a major player in the low cost segment but is also expected to deliver significant cost and revenue synergies for the whole Group.  

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

For Juan Carlos Azcona, Chief Executive Officer of Goldcar:

“We are very excited to be joining the Europcar Group, the leading player in the European car rental industry, and look forward to bringing our entrepreneurial know-how and low cost expertise to the Group.

Over the last years, we have strived to be a game changer in the leisure mobility space in Europe, delivering double-digit organic growth and best-in-class margins, thanks to a unique combination of scale, innovation and agility.

In a still largely fragmented space, we see plenty of opportunities to continue to grow Goldcar’s business in the future and believe the sharing of our respective best practices and corporate strengths will help boost the combined company’s growth prospects even further.”

Read more here.

RELATED TOPICS: GreeceGreek tourism newsTourism in GreeceGreek islandsHotels in GreeceTravel to GreeceGreek destinations Greek travel marketGreek tourism statisticsGreek tourism report

Source: europcar-group.com

 

Tornos
  1. 12/08 15:08

    AP report: CDC drops quarantine and distancing recommendations for COVID-19

  2. 12/08 15:06

    US Ambassador to Athens meets with Greek Health Ministry leadership

  3. 12/08 15:06

    US Ambassador to Athens meets with Greek Health Ministry leadership

  4. 12/08 15:01

    Global air cargo traffic stays stable and resilient in June

  5. 12/08 14:53

    Greek museums to organize free concerts and tours on Friday August 12 marking full moon

  6. 09/08 21:16

    IATA launches AVSEC Insight Platform to assist managing business security risks

  7. 09/08 21:04

    Dominican Republic among UNWTO members recording strong tourism rebound

  8. 09/08 21:00

    Greek Culture Ministry's project for the protection of the medieval city of Rhodes

  9. 09/08 18:08

    Greece records 100,421 new Covid-19 cases and 314 fatalities for August 1-7

  10. 09/08 16:12

    Archbishop of America: Greek-Americans to fund reconstruction of Balikli hospital

  11. 08/08 14:12

    Greek Tourism Minister: This year sector proved that is Greece's heavy industry

  12. 07/08 13:57

    28 lighthouses to open for the public in Greece on August 21

  13. 04/08 14:16

    Protection and recording of rare biodiversity of 20 archaeological sites in Greece

  14. 03/08 23:18

    Restoration works to historic Syntagma square of Athens almost completed

  15. 03/08 23:10

    Greek Tourism Minister meets Ambassadors of Sweden and Norway

  16. 03/08 19:13

    Greek Prime Minister says record tourism money can’t buffer country’s economic slide

  17. 03/08 14:07

    Samos Young Artists Festival at Pythagorio Ancient Theatre on August 7-13

  18. 03/08 13:21

    Greece offers Saudi Prince royal treatment: 350 limos and Athens Acropolis tour

  19. 02/08 23:26

    Greece records 122,230 new Covid-19 cases and 355 fatalities on July 25-31

  20. 02/08 09:50

    British Museum offers only to loan Athens Parthenon marbles to Greece

  21. 02/08 09:37

    UNWTO: Global tourism consolidates strong recovery amidst growing challenges

  22. 02/08 09:29

    Culture Minister: At least 16,000 people visit Athens Acropolis daily this summer

  23. 01/08 20:54

    Medical Tourism: Personal Doctor platform opens in Greece on Monday

  24. 01/08 09:47

    Undated wreck of exploded ship found off Kythnos island in Greece

  25. 29/07 14:02

    Spain imposes minimum spending for Non-European Union tourists

  26. 29/07 00:38

    Greek government announces subsidy programme for purchase of e-vehicles

  27. 28/07 23:32

    Media: Electric aircraft to revolutionize travel and protect ecosystem in Greece (video)

  28. 28/07 19:23

    Impressive copy of Aphrodite of Milos statue revealed on the Greek Island

  29. 28/07 18:40

    Greek island of Corfu hosts Prince Edward and British royals

  30. 28/07 17:20

    German Foreign Minister: Greece one of our closest partners in Europe

  31. 28/07 12:28

    7th International Documentary Film Festival 2022 'Beyond Borders' on Castellorizo island

  32. 28/07 11:49

    10th consequent Tripadvisor Travelers’ Choice Award for Athens Walking Tours

  33. 28/07 00:46

    UNWTO sets out shared goals and opportunities for sector in Paraguay

  34. 28/07 00:26

    IATA: States progress towards long term aspirational goal on aviation emissions

  35. 28/07 00:15

    Sinking averted: Grounded luxury yacht safely anchored in Greek island of Mykonos (videos)

  36. 28/07 00:13

    Greece and Saudi Arabia ink 16 business deals in Athens on Wednesday

  37. 28/07 00:02

    Bank of Greece: Higher tourism receipts in 2022 to lead to improved economic growth

  38. 27/07 23:48

    Travel Market Report: Why shoulder season is the next big tourist trend

  39. 27/07 14:20

    Fewer asylum seekers but more refugee arrivals up in Greece during June 2022

  40. 27/07 00:08

    10th Athens Flying Week on September 17 and 18

  41. 26/07 17:18

    Greece records 136,077 new Covid-19 cases and for July 18-24

  42. 26/07 15:23

    Signing of business deals between Greek and Saudi companies on Wednesday

  43. 25/07 21:15

    Special climate envoy addresses meeting on 'Our Ocean - Greece 2024' in Athens

  44. 25/07 17:08

    Athens metro stations to close on selected dates this summer

  45. 25/07 15:50

    Authentic Marathon Swim | Swimmers from 14 countries supported North Evia

  46. 25/07 14:23

    Wildfires contained on the Greek island of Lesvos and Ilia prefecture

  47. 23/07 00:43

    International Air Transport Association issues statement on Dublin Airport charges

  48. 23/07 00:09

    'Saristra' festival returns to the Greek island of Kefalonia on July 29-31

  49. 22/07 21:58

    Four-month-old roe deer, named 'Emilios' rescued in Xanthi of Northern Greece

  50. 22/07 19:53

    Media: Furor in Greece over plan invading protected environmental Natura sites

  51. 22/07 15:49

    Temperatures to reach 40C in Greece in the next few days

  52. 22/07 15:06

    Greece's Thessaloniki Urban Transport staff continue mobilisations during August

  53. 21/07 21:53

    Eight Greek salads among the 50 best in the world

  54. 21/07 20:50

    Greece braces for mild heatwave until the end of July

  55. 21/07 19:40

    Media report: Greece rakes in tax and tourist receipts but won’t cut food tax

  56. 21/07 18:33

    Minister: Duration of Greek passports doubled from five years to ten

  57. 21/07 17:44

    Greek government adopts 12 measures for fire-stricken households and firms

  58. 20/07 23:11

    Cyprus Agriculture Minister welcomes win-win deal on halloumi cheese

  59. 20/07 19:26

    European Union sanctions against Russia push Greece’s fur business toward end

  60. 20/07 19:22

    AP: Fire subsides in Penteli but reaches people’s yards in Megara of Greece (video)

  61. 20/07 17:22

    Molecular tests against COVID-19 to record possible mutation at five Greek airports

  62. 20/07 14:07

    Bus routes changed due to destructive fires in Attica Region

  63. 20/07 10:34

    Sick air traffic controller draws attention to shortages at smaller airports in Greece

  64. 19/07 21:02

    Dozens of international celebrities choose Greece again for vacations this year (video)

  65. 19/07 19:22

    Medical Tourism: Greek parliament approves assistive reproduction bill

  66. 19/07 18:21

    Greece records 148,435 new Covid-19 cases between July 11-17

  67. 19/07 18:13

    Organic olives and olive oil from Sparta in Greece studied by American universities

  68. 19/07 16:17

    US Ambassador to Athens visits Greek village of Diplatanos Thermou

  69. 18/07 09:39

    Very high risk of fire again on Monday in five Greek regions including Attica

  70. 17/07 21:48

    Prime Minister: Greece and France stand united against global climate crisis

  71. 16/07 13:25

    Government: Greece in 12 countries worldwide with full legal equality of women and men

  72. 16/07 13:01

    IATA: Canadian government urgently needs to remove COVID-19 travel restrictions

  73. 16/07 11:34

    Greek FinMin pressures banks and servicers for more private debt settlement deals

  74. 16/07 10:21

    Tourist swept out to sea in Northern Greece saved by holding beachball

  75. 15/07 22:35

    Village of Melabes in Rethimno of Greece evacuated as widlfire approaches

  76. 15/07 21:35

    Tourism statistics inform United Nations reports on sustainable development

  77. 14/07 23:20

    IATA: Premature return to pre-pandemic slot rules risks prolonged disruption

  78. 14/07 21:42

    "Wolf of Wall Street" Jordan Belfort parties in Greek island of Mykonos

  79. 14/07 14:14

    New species of onion plant found in Kilkis of Greece

  80. 14/07 00:12

    Thousands of olive trees donated to restore groves of Ancient Olympia in Greece

  81. 13/07 20:14

    Biggest supermoon of 2022 most visible tonight

  82. 13/07 20:05

    Young tourists surprised to meet Greek Prime Minister at Athens International Airport

  83. 13/07 16:51

    High risk of fire forecast in five Greek regions on Thursday

  84. 13/07 14:30

    2023 UNWTO Global conference on wine tourism in La Rioja

  85. 13/07 11:43

    OAG survey: U.S. travel demand remains strong for 2022 despite inflation

  86. 13/07 09:55

    Greek Minister discusses natural gas contingency plan with US Ambassador

  87. 12/07 22:37

    Aegean Airways and Hellenic Petroleum sign SAF supply deal

  88. 12/07 21:50

    Greece records 13,623 new Covid-19 cases per 1 million people in July 4-10

  89. 12/07 21:00

    Greek parliament approves amendment to cap profit margins in home appliances

  90. 12/07 00:20

    UNWTO: Advancing safe mobility for stronger travel sector recovery

  91. 11/07 21:32

    American ethnomusicologist Christopher C. King receives honorary Greek citizenship

  92. 11/07 21:15

    Over 100,000 Israeli tourists visited Greece in June

  93. 11/07 15:19

    The first Japanese park of the Greek capital of Athens opens its gates

  94. 10/07 21:28

    Chinese head of OLP: Piraeus port a significant international hub in all areas of activities

  95. 10/07 19:35

    Greece records 13,306 new Covid-19 cases and 28 fatalities on Sunday

  96. 10/07 18:32

    Media report: “Most contagious” COVID-19 wave sweeping across Greece

  97. 10/07 16:23

    AP report: On Greece’s Santorini, 13 cloistered nuns pray for Mankind

  98. 10/07 14:18

    Summer sales begin in Greece on Monday

  99. 08/07 22:53

    UNWTO's new ambassador for tourism

  100. 08/07 22:42

    UNWTO chief: Young people must be active participants in tourism sector restart