Europcar Group has signed an agreement to acquire Goldcar, Europe’s largest low-cost car-rental company.
The acquisition means Europcar Group will increase its exposure to three major growth areas: the Mediterranean region, the leisure segment and the low-cost area, and will become a major player in the fast-growing European low-cost segment.
The acquisition is subject to approval by anti-trust authorities, and is expected to close in the second half of this year.
Europcar Group CEO Caroline Parot 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.
"This game changing transaction confirms the major role we want to play in our industry’s European consolidation process."
