Investindustrial sells Goldcar to Europcar

The deal saw the GP sell the business to France-based corporate Europcar Group, backed by Eurazeo. According to unquote" sister publication Debtwire, several private equity firms were interested in the asset, including Cinven, Carlyle, CVC and Advent International.

According to a statement, the deal was based on a €550m EV for the target company, equating to a 7x multiple of post-synergy adjusted EBITDA.

A dedicated bridge financing was provided by an international banking syndicate to support the transaction and cover Goldcar's refinancing needs.

Following the acquisition, Europcar aims to generate €3bn in revenues with a 14% EBITDA margin by 2020.

Previous funding
The GP acquired an 80% stake in Goldcar Spain via its €1.25bn fifth fund in November 2014, in a deal understood to give the company a €500m EV. The founding Alcaraz family retained the remaining 20% stake.

In a statement, the company claimed its revenues grew by 17% between 2008-2016.

Company
Founded in 1985, Alicante-based Goldcar is a low-cost car rental provider with operations in Spain, Portugal, Italy, France, Malta, Andorra, Morocco, Greece, Croatia, the Netherlands, Mexico, Romania and Cyprus. The company manages a fleet of 50,000 vehicles and employs 1,000 people.

In a statement, the acquirer said the target company generated €240m in revenues and €48m in adjusted EBITDA in 2016.

People
Investindustrial – Carlo Umberto Bonomi (managing principal); Matteo Paniker (senior principal); Fabio Rosati (director).
Europecar Group – Caroline Parot (CEO).
Goldcar – Juan Carlos Azcona (CEO).

Advisers
Vendor – Detsche Bank (M&A); Hogan Lovells (legal); Uría Menéndez (legal).

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• Topics
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• Southern Europe
• Trade sale
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• Investindustrial