FT. LAUDERDALE -- Cerberus Capital Management's purchase of nearly all of ANC Rental Corp.'s assets became final on Tuesday, Oct. 14. The new parent company of Alamo and Natinal is known as Vanguard Car Rental USA.
Other affiliates of Vanguard also completed acquisition of ANC's European and Canadian operations.
Cerberus will pay $230 million for ANC's assets and assume $2.06 billion in liabilities.
"As a result of the closing of this acquisition and related financing commitments of $2.45 billion, our company has regained a strong financial base to assist in offering exceptional service to our business and leisure customers," said William Lobeck, president and CEO of Vanguard. "We have a first-rate management team in place with significant industry experience, each of whom are working to ensure that customer expectations will be our primary focus."
Lobeck served as CEO and was the principal owner of National Car Rental from 1995 until its sale to AutoNation in 1997. He was also president and chief operating officer of AutoNation's rental group from 1997 to 1999.
Lobeck served as CEO of Thrifty Rent-A-Car System Inc. from 1981 until 1993, when it was sold to DaimlerChrysler.
Together, the Alamo and National brands make up one of the world's largest car rental companies, with annual revenue of $2.4 billion in 2002.
Headquartered in Fort Lauderdale, Fla., the worldwide organization employs more than 14,000 associates, has more than 3,200 locations in 83 countries and serves customers with a fleet of more than 217,000 automobiles.