The group Europcar accelerates its presence on the segment of vans and trucks and low-cost with the acquis…

The Group Europcar, the leader in vehicle rental in Europe and one of the major players in mobility, today announced the signing of an agreement for the acquisition of the group Buchbinder, one of the most important companies of car rentals in Germany. Germany is the most important country of this Group Europcar in terms of turnover and, with the acquisition of Buchbinder, the Group intends to strongly develop its presence in the segment of low-cost and become the leader in the local market, ” Vans & Trucks “.

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Created there are more than 60 years, Buchbinder is a company that is recognised in Germany, with a network of 152 branches including 18 airports and a fleet of over 20,000 vehicles. It is the 5th largest rental company of vehicle on the German market with a very strong positioning, vehicle rentals low-cost, and also has a leading position in the segment ” Vans & Trucks “. Buchbinder is also one of the leaders in Austria and is present in Hungary and in Slovakia. In 2016, the Group Buchbinder has generated around 200 million euros of turnover.

This company has a business model diversified, a broad base of clients including many small and medium-sized enterprises (SMES), and brand recognition and is appreciated for its quality of services by the local clients.

The acquisition of Buchbinder will significantly strengthen the presence of nascent Europcar on the segment of low-cost airlines in Germany. The strength of the brand Buchbinder, will represent an opportunity for Europcar to attract a base of additional customers in germany and Austria, thus allowing to develop the activity in low-cost Europcar in southern Europe.

In addition, the complementarity of activities “Vans & Trucks” of Buchbinder and Europcar Germany will not only create a leader on the market of Vans & Trucks, but also accelerate the development of this segment within the Group.

Finally, the very strong expertise of Buchbinder on the remarketing of vehicles should bring the Group to new growth opportunities.

The acquisition remains subject to conditions precedent usual, including the approval of the competition authorities and should be carried out during the second half of 2017.

The transaction, which is of significant synergies in the medium-term are expected, is based on a multiple post-synergies slightly higher than 5x the Corporate adjusted EBITDA.

Caroline Parot, chief Executive officer of Europcar Group said : “The acquisition of Buchbinder is a strategic step for the Group Europcar because it will allow us to access to a position of no. 1 in Germany and Austria, to strengthen our presence on the segment of SME/SMIS and to expand significantly both our Low Cost activities and Vans & Trucks.

We are pleased to welcome to the Group an experienced management team. Konrad Altenbuchner and his team will continue their career within the Group and we look forward to working with them on the integration of Buchbinder in the group Europcar. This combination of our two complementary activities will not only create a new leader on the market, but it should also generate significant synergies in terms of costs and revenue for the Group, allowing him to target a return on all activities in line with the ambition 2020 our Group.

This operation confirms the major role that we want to have in the consolidation of our sector in Europe. After the recent acquisitions of our franchisees, irish, and Danish, and with the conclusion of this transaction, we still have a set of acquisition opportunities identified that we follow actively in each of our business unit. As previously announced, our acquisition plan represents a turnover of approximately € 500 million extra by 2020, and we stand ready to accelerate the pace of acquisitions if opportunities materialize in the short or medium term. In this context, we intend to actively manage our balance sheet to maintain a capital structure that is efficient and resilient. ”

Konrad Altenbuchner, shareholder and General Manager of Buchbinder, commented : “being a single entity, we are convinced that Buchbinder and Europcar can offer a range of quality services even wider to our customers. I’m pleased to have the opportunity to strengthen the brand Buchbinder in the future and I know that I can count on the support of all the employees of the Group Buchbinder to perpetuate the “philosophy” Buchbinder. “

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