Europcar Group has signed an agreement with Investindustrial to acquire Goldcar, a European-based low cost car rental company.

With this acquisition, the Europcar Group will increase its exposure to the Mediterranean region, the leisure segment, and the low cost segment in Europe.

Goldcar has locations in several European countries, including Spain, Italy, Portugal, Greece, France, the Netherlands, Romania, Turkey, Croatia, and Serbia.

The acquisition is subject to customary conditions precedent, including its approval by antitrust authorities, and is expected to close in the second half of 2017, according to Europcar.

“Following the acquisition of Buchbinder in May, the acquisition of Goldcar is yet another major strategic step for the Europcar Group as it will enable us to become a major player in the European low cost segment,” said Caroline Parot, CEO of Europcar Group. “With the combination of InterRent, Buchbinder, and Goldcar, we will build the platform and the scale we were aiming for in the low cost segment. Hence, we expect our low cost business unit to generate a significant portion of our Group revenues in the future and more importantly to anchor the development of the Group as a whole.”

“We are very excited to be joining the Europcar Group, the leading player in the European car rental industry, and look forward to bringing our entrepreneurial know-how and low cost expertise to the Group,” said Juan Carlos Azcona, CEO of Goldcar. “Over the last years, we have strived to be a game changer in the leisure mobility space in Europe, delivering double-digit organic growth and best-in-class margins, thanks to a unique combination of scale, innovation, and agility.”

“We look forward to working together with them on the integration of Goldcar into the Europcar Group,” Parot added. “This combination of our two highly compatible businesses will not only create a major player in the low cost segment but is also expected to deliver significant cost and revenue synergies for the whole Group.”