Enterprise Holdings and PSA Peugeot Citroën announced Nov. 20 that the two companies have entered into an agreement whereby Enterprise will acquire PSA Peugeot Citroën’s car rental subsidiary, Citer SA and its Spanish subsidiary Atesa.
Through its regional subsidiaries, Enterprise Holdings owns and operates the National Car Rental and Alamo Rent A Car brands, as well as its flagship Enterprise Rent-A-Car brand in North America. The company also operates the Enterprise Rent-A-Car brand in the UK, Germany and Ireland, and a licensee network that operates the National and Alamo brands throughout the Americas.
With a fleet of approximately 30,000 vehicles, Citer SA has coverage throughout locations in the main cities, railway stations and airports in France and Spain, two key European markets in which Citer ranks among the leading vehicle rental companies. PSA Peugeot Citroën emphasized the strategic opportunity that the transaction represents for Citer, which will be able to step up its development while benefiting from Enterprise Holdings’ leadership.
The transaction has received a positive opinion of the Works Councils of PSA Peugeot Citroën and Citer SA. It is subject to regulatory approval and certain other customary closing conditions. The transaction should be completed by the end of 2011.
Citer received an award at the annaul CarTrawler Car Rental Awards (click here to read article and to view a photo gallery of the event).
Enterprise Holdings’ Strong Track Record
Since entering Europe in 1994, the Enterprise Rent-A-Car operations have expanded rapidly, and now include 4,000 employees in the UK, Germany and Ireland.
“With no overlap or duplication to our current operations in Europe, this will be a great strategic fit,” said Enterprise Holdings’ Chairman and CEO Andrew C. Taylor, whose family has owned and operated the company since 1957. “The more than 1,000 employees at Citer and Atesa have built successful rental car operations in France and Spain, and we look forward to the prospect of welcoming them to our team.”
“It’s also important to note that more and more of our customers are asking us to expand our footprint in Europe,” Taylor continued. “Joining forces with Citer responds to those travelers’ needs and opens up new markets that are highly complementary to our existing European operations.”