Italian private equity operator Investindustrial bets on the rent-a-car business in South Europe. The investment veichle led by Italian financial tycoon Andrea Bonomi announced yesterday that is signed a deal for acquiring an 80% stake of Spanish Goldcar Spain SL, a pioneer in the leisure and low cost car rental sector. The remaining 20% stake will be retained by the founders, Juan e Pedro Alcaraz brothers (sdownload here the press release).
Founded in 1985 and headquarted in Alicante (Spain), Goldcar will close 2014 with estimated 225 million euros in revenues and with an ebitda of more than 100 millions. Financial details of deal have not been disclosed but it seems the group has been valued about 5x its 2014 ebitda or 500 million euros with Investindustrial that paid more than 300 millions its equity stake.
The company operates mainly within the leisure segment, and also has a presence in the business market (fleet renting and car rentals) under two different brands (Goldcar Fleets and Rhodium). Goldcar manages a fleet of more than 32,000 vehicles through 53 offices and is present in Southern Europe’s key tourist airports and railway stations and benefits from the strength and resilience of Mediterranean tourism
The transaction is expected to close in the second half of December 2014. Financing for the transaction is arranged by Deutsche Bank and JP Morgan with Lazard providing financial advisory.
The investment in Goldcar will certainly be complementary to the one in PortaAventura, the big theme park Investindustrial owns near Barcdellona (in coi-investment with KKR, which has a 49.9% stake) where Ferrari Land will be built by 2016. Moreover a big boost to Goldcar growth might be given if Investindustrial wins its battle for control of Club Mediterrané (see a previous post by BeBeez).