|April 07, 2008|
Hertz Completes Acquisition of Franchises In Czech Republic & Slovakia
|Hertz Global Holdings, Inc. has announced that its Hertz Rent a Car (RAC) brand in Europe has acquired the vehicle rental businesses of its franchise partner Rentex Autopujcovna a.s. in the Czech Republic and of Rentex's subsidiary Car Solutions s.r.o. in Slovakia. The move provides Hertz, the leading general use car rental brand, with a strong corporate foothold in Central and Eastern Europe. |
Rentex has been a Hertz RAC franchisee in the Czech Republic since 1990 and Car Solutions since 1993. The acquired businesses have estimated revenues of $US 16 million for 2008. There are 10 locations in total, including the airport and downtown locations of Prague and Brno in the Czech Republic and Bratislava in Slovakia. All employees from Rentex and Car Solutions will transfer to Hertz.
Hertz, the largest car rental player in the Czech Republic and Slovakia, expects significant growth potential in both domestic and inbound travel due to strong economic development and rising tourism levels along with the company's growing corporate and insurance replacement businesses. In addition, many of the company's airline partners serve the Prague, Brno and Bratislava airports, which are experiencing strong levels of growth in passengers from around the world.
Mark P. Frissora, Hertz Corporation Chairman and Chief Executive Officer, said: "Central and Eastern Europe are developing and growing at a rapid pace, especially following the entry of many countries in the region to the EU over the last few years. The acquisition of Rentex and its subsidiary Car Solutions supports the plans of Hertz to develop corporate car and van rental businesses in this exciting market."
Michel Taride, President, Hertz International, and Executive Vice President, Hertz Corporation, added: "The Hertz Rent A Car brand has been promoted effectively in the Czech Republic and Slovakia by Rentex and its subsidiary Car Solutions, each licensee partners of ours for 18 and 15 years respectively. We look forward to building on their strong businesses as well as look for opportunities to expand to other countries in this region."
The Hertz Lease business continues to operate in the Czech Republic through its franchise partner Archer Sheridan s.r.o., a Hertz licensee in the country since August 2004.