|February 27, 2006|
Private Investment Group Acquires Advantage Rent-A-Car
|Advantage Rent-A-Car has been acquired by ARC Venture Holding, Inc., a private investor group. This acquisition includes all of the fleet and retail assets and trademarks of Advantage Rent-A-Car. It does not include the Star Shuttle brand, which will continue to be owned and operated by Walker Resources, Inc. This acquisition will result in the infusion of new capital in the company and replacement of its current rental car fleet within the next 60 days with all new vehicles, featuring DaimlerChrysler and GM products and imports.|
"Advantage Rent-A-Car will be positioned to be a strong player in the rental car market with the influx of new capital, a talented and committed employee base and a culture of good customer service," said Dennis Hecker, Chairman of Rosedale Leasing, a fleet leasing company and an investor in ARC Venture Holding, Inc, the buyer. "By providing new capital and an all new fleet of vehicles, we will be positioned to leverage the great Advantage brand with new levels of service excellence. In addition, look for a new advertising and marketing campaign to capitalize on the changes and our messages about the 'New Advantage'."
ARC Venture Holding, Inc. brings expertise in the financing and leasing of vehicles and has experience in the leisure, travel and automotive industries.
"We are extremely pleased that the transaction between ARC Venture Holding, Inc. and Walker Resources, Inc. has been completed," said Mark Walker, spokesman for Walker Resources, Inc., the seller. "There is no group better positioned in the industry to move Advantage Rent-A-Car forward than ARC Venture Holding, Inc. We are also pleased of their decision for the corporate headquarters to remain in San Antonio where nearly 500 of the current combined company's employees are located."
Walker Resources, Inc. is a real estate and ground transportation holding company owned by the Walker family in San Antonio. In addition to a continued stake in the financial future of Advantage, Walker Resources, Inc., plans to concentrate on the growth of it's Star Shuttle and Charter, Inc. subsidiary and further expansion and development of it's real estate holdings. The company was represented in the transaction by the investment banking firm of Ehrenberg Chesler.