[Editor's note: After this announcement was made, FSNA said on Dec. 10 that Sanford Miller would be resigning from his position on the board of directors. Read more here.]
Franchise Services of North America (FSNA) provided updates on Dec. 7 regarding the acquisition of Simply Wheelz LLC, a Delaware limited liability company and the owner of the Advantage Rent-A-Car brand and certain other divested assets from Hertz Global Holdings Inc.
In contemplation of the acquisition, the company's board of directors has decided to streamline the company's executive management, effective immediately. Thomas P. McDonnell, III, formerly the company's co-chief executive officer and co-chairman will be the company's sole CEO and chairman. Sanford Miller, the former co-chief executive officer and co-chairman, will not continue in an executive capacity with the company but will continue to serve as a director.
Commenting on the recent developments, McDonnell said, "I am excited by this new role at the company and look forward to completing the acquisition of Advantage."
Closing of the acquisition of Advantage by a subsidiary of Macquarie Capital is scheduled to take place on Dec. 12, 2012, with the acquisition of remaining assets to occur in 2013. The acquisition of Advantage by FSNA is expected to close in the first quarter of 2013 and is more fully described here.
See more merger related news here.