Investindustrial acquires Goldcar in €500m deal

Following the deal, the business will continue to expand its geographic operations and invest in its technology platforms.

Investindustrial is currently investing from its fifth fund, a 2011 vintage vehicle that closed in November 2012 on its €1.25bn hard-cap, according to unquote" data.

The investor, which anticipates a four- to five-year holding period for Goldcar, stated it was attracted to the company by its positioning in the southern European tourism market.

Investindustrial has a track-record of backing assets in the tourism industry. In 2005, it acquired a 90% stake in Italian theme park Gardaland, alongside Aletti Merchant, the merchant bank of BPVN Group. It exited the business to Blackstone- and CVC-backed trade buyer Merlin Entertainments in January 2007.

The GP has also been involved in a drawn-out battle to acquire France-based holiday resort operator Club Med, most recently upping its offer earlier this month. Its other investments in the tourism industry include Spanish theme park PortAventura, of which it sold a 49.9% stake to KKR in December 2013.

Company
Founded in 1985, Alicante-based Goldcar is a holiday car rental provider with operations in Spain, Portugal, Italy and Malta. It anticipates a turnover of €225m for 2014 with EBITDA of around €100m.

The car rental company has a fleet of 32,000 vehicles and 53 offices, primarily located in and around airports and train stations in southern European tourist destinations. The business stated it had enjoyed double-digit growth over the past five years.

People
Andrea C Bonomi is chairman of the Investindustrial advisory board.

Advisers
Equity – JP Morgan (Corporate finance); Deutsche Bank (Corporate finance); Lazard (Corporate finance).

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• Topics
• Buyouts
• Consumer
• Southern Europe
• Spain
• Investindustrial