Zipcar Officially Becomes Majority Shareholder of Barcelona-Based Avancar

Zipcar Inc. announced on Feb. 2 the completion of its option to purchase a majority ownership interest in Barcelona-based Catalunya Carsharing S.A., known as Avancar. With this transaction completed, Zipcar is now the majority shareholder for the company with a controlling stake of more than 60%. This deal builds on Zipcar's initial equity investment in Avancar which was announced in December 2009.

"As the majority shareholder in Avancar, we look forward to developing Avancar's presence in the Barcelona metro area," said Scott Griffith, chairman and CEO of Zipcar. "Avancar has made a strong start and we believe there is significant opportunity to scale the business with the benefit of our technology, processes and car sharing know-how."

"Additionally, our increased stake in Avancar is in keeping with our planned build-out of a car-sharing network in cities across Europe," Griffith continued. "With the completion of this transaction, along with the integration of our U.K. operations and the recently announced appointment of Frerk-Malte Feller as president of Zipcar Europe, we are gaining momentum as we work to grow and expand the car-sharing category and Zipcar's presence throughout Europe."

Avancar is the largest car-sharing service in Spain, according to the press release. The company operates a fleet of vehicles throughout the cities of Barcelona and Sant Cugat del Valles.

In a 2009 Zipcar study, supported by the Economist Intelligence Unit's data and methodology, found that Barcelona is a top 20 global car-sharing city.

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

Autonomous Vehicles and the Changing Role of the Fleet Manager

With fewer drivers and substantially longer fleet lifecycles, fleet managers will pivot to new job functions.

2017: Fleet Mix Will Be Paramount

Car rental companies are migrating to vehicle segments with better residual values, though not without bumps in the road.

Auto Rental Summit: Five Trend Lines

Taking in the seminars, discussions, and networking at the 2016 Auto Rental Summit, trend lines emerged around shifts in model mix, data protection issues, increasing labor costs, workforce engagement, and new platforms to rent cars.

Job Finder: Access Top Talent. Fill Key Positions.