Europcar Group signs agreement to acquire Buchbinder
26 May 2017
26 May 2017
Europcar Group has announced the signing of an agreement to acquire Buchbinder, one of the largest car rental companies in Germany. Germany is the largest country for the Europcar Group in terms of revenues and through the acquisition of Buchbinder, it intends to significantly improve its penetration of the low cost segment and become the market leader in the local vans & trucks market.
Founded over 60 years ago, Buchbinder is a well-established company in Germany, with an extensive network of 152 outlets and a fleet in excess of 20,000 vehicles. It is the fifth largest car rental company in the market with a solid positioning as a low cost car rental operator, as well as a leading position in the vans & trucks segment. Buchbinder is also a market leader in Austria and is present in Hungary and Slovakia. In 2016, Buchbinder Group generated revenues of around €200 million.
The acquisition is subject to the usual conditions, including the approval of antitrust authorities, but is expected to close in the second half of 2017.
Caroline Parot, CEO Europcar Group said: ′The acquisition of Buchbinder is a major strategic step for the Europcar Group as it will enable us to become the #1 player in both Germany and Austria, will reinforce our presence in the SME business segment and will significantly boost both our low cost and vans & trucks businesses in those countries. This combination of our two complementary businesses will not only create a new market leader but is also expected to deliver significant cost and revenue synergies for the whole Group, allowing us to target a profitability for the combined business in line with our Group’s Ambition 2020.’
Konrad Altenbuchner, managing director of Buchbinder said: ′As a combined entity, we believe Buchbinder and the Europcar Group, can provide a more comprehensive range and as a result even better services to our customers. I am delighted about this opportunity to strengthen the Buchbinder brand in the future and know that I can count on the support of all the employees of the Buchbinder Group to continue to spread the Buchbinder philosophy.’
Photograph courtesy of Europcar Group