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20 Jun 2017
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Europcar to acquire low-cost rival Goldcar

Europcar is to acquire Goldcar, one of Europe’s largest low-cost car rental companies, marking its fourth acquisition this year and sending its shares to a record high.

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Europcar to buy rival Goldcar in a €550 million deal

Reuters has reported that Europcar will buy rival Goldcar in a €550 million deal, increasing the French car rental business’s exposure to the low-cost holiday rental market.

 

Goldcar is Europe’s largest low-cost provider, with a fleet of 50,000 vehicles across 87 locations including Spain, Portugal and Italy.

 

Europcar has already acquired Milan-based car sharing company GuidaMi, Europcar Denmark and Buchbinder in Germany in pursuit of its goal of reaching annual sales of more than €3 billion and an underlying Ebitda margin of 14% by the end of 2020.

 

Caroline Parot, chief executive of Europcar said: “We are well-placed to have completed the bulk of our 2020 ambition in terms of acquisitions.”

 

Europcar shares rose as much as 4.6% to a record high of €12.60 on Monday, according to Reuters.

 

In 2016, Goldcar generated full-year revenue of €240 million and an adjusted corporate Ebitda of some €48 million.

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