FSNA Completes Acquisition of Additional Hertz Concessions
As part of Hertz's divestiture of the Advantage brand to Franchise Services of North America (FSNA), this is one of the scheduled acquisitions of additional on- and off-airport locations.
Franchise Services of North America (FSNA) announced Feb. 17 that Adreca Holdings Corp., a subsidiary of Macquire Capital and has completed one of the scheduled acquisitions of additional on- and off-airport concessions from Hertz Global Holdings Inc.
The additional airport concessions are a result of the acquisition by Adreca of the Advantage Rent-A-Car brand from Hertz in December 2012 and is more fully described here.
As a result of the acquisition, Adreca opened new rental locations at Minneapolis-St. Paul International Airport (MSP) as an in-terminal operation, and has also moved pre-existing off-airport operations at Palm Beach International Airport (PBI), Jacksonville International Airport (JAX), Milwaukee General Mitchell International Airport (MKE) and Norfolk International Airport (ORF) to in-terminal operations.
"We continue to progress with the addition of these new offices and look forward to expand our footprint of in-terminal locations in new destinations to service our existing and new customers," said Thomas P. McDonnell, III, FSNA's CEO and chairman.
Adreca's acquisition of the remaining additional airports and certain other divested assets from Hertz is expected to close in stages continuing in the first and second quarters of 2013. Adreca will be Hertz's sole divestiture partner in conjunction with the dispositions required to be made by Hertz by the consent decree issued by the United States Federal Trade Commission.
As previously described in its first announcement in August, FSNA and Adreca have entered into an agreement to merge a wholly-owned subsidiary of the company with Adreca. FSNA and Adreca are parties to a Management Services Agreement pursuant to which FSNA provides Adreca with certain management services in respect of Advantage and the other assets divested by Hertz pending closing of the Merger.
Completion of this merger is subject to a number of conditions, including TSX Venture Exchange acceptance and approval by the company's shareholders. The merger cannot close until all required approvals are obtained. There can be no assurance that the transaction will be completed as proposed, or at all.
Related news: FSNA’s 2012 Year-End Revenue Down from 2011
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