Hertz Acquires Advantage Rent A Car
April 2009
Livingstone Partners, announced today that Hertz Global Holdings Inc. (“Hertz”) has closed on its acquisition of Advantage Rent A Car (“Advantage”), after the rental car company's bid won out over another offer for Advantage in a bankruptcy auction. Livingstone was engaged by the Official Committee of Unsecured Creditors as the sole and exclusive investment banker in the sale of Advantage’s business.Advantage Rent A Car is the largest independent rental car agent, and one of the leading internet and discount-driven vehicle rental companies, in the United States. Advantage filed for Chapter 11 bankruptcy protection in December.
As a result of a successful auction process that targeted domestic and international strategic buyers, and financial buyers focused on distressed investments, Hertz’s winning bid amounted to more than double the amount available of the original stalking horse bid.
Harley Goldstein, K&L Gates LLP Partner and lead counsel to the Creditors’ Committee, commented: “The Livingstone team provided immediate value to the section 363 sales process and drove a competitive environment that resulted in a significantly better outcome for the sale.”
Hertz will initially operate 20 Advantage locations in key U.S. leisure travel markets. Mark P. Frissora, Hertz's Chairman and Chief Executive Officer, said: "We're pleased to have secured the purchase of Advantage Rent A Car, a popular brand for price-oriented customers at key U.S. leisure travel destinations. Underscoring our commitment to serve all segments of the leisure car rental market, the 20 Advantage locations, combined with our six Simply Wheelz locations and the Hertz brand nationwide, enables us to serve the wide range of service and price-oriented car rental customers in the United States."
For further information contact:
Chris Falk
Tel: 312.670.5900
Email:f alk@livingstonepartners.com
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