Franchise Services of North America, Inc. (FSN.V) said Tuesday that it has entered into an arm's length agreement on July 13 to acquire Simply Wheelz, LLC, the holding company of the Advantage Rent-A-Car brand and certain other divested assets from Hertz Global Holdings, Inc. (HTZ).
Franchise Services of North America's purchase of Advantage facilitates Hertz's proposed US$2.3 billion acquisition of Dollar Thrifty Automotive Group, Inc. (DTG) announced Monday.
Macquarie Capital provided Franchise Services of North America a full range of advisory and financing services including structuring advice and negotiation strategy to facilitate the acquisition of Advantage, which is currently operated as an integrated unit under Hertz and shares back office functions. In addition to providing the services, Macquarie Capital has indirectly committed US$15 million in equity capital in order to fund the total consideration for the assets, resulting in Macquarie Capital holding a 49.76% equity stake in Franchise Services of North America upon completion of the deal.
The acquisition will proceed by way of a merger between wholly owned subsidiaries of Franchise Services of North America and Macquarie Capital. Macquarie Capital, through a wholly owned subsidiary, has entered into a purchase agreement with Hertz for the acquisition of the assets.
The completion of the acquisition is conditioned upon, among other things, Hertz completing its acquisition of Dollar Thrifty. In turn, the completion of the acquisition is a condition precedent to the completion of the merger, which is expected to close in the fourth quarter.
Franchise Services of North America will operate Advantage from 62 rental locations servicing airports across the United States . This includes certain former Thrifty rental locations whereby Advantage will now operate from in-terminal concessions in new markets in the United States.
The acquisition significantly expands upon Franchise Services of North America's current leisure car rental presence, which consists of 28 franchised airport locations operated under the U-Save Car & Truck Rental brand globally.
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