Avis Budget Group to buy Maggiore Italian car rental company
One of the world’s leading vehicle rental brands Avis Budget Group Inc. has announced the plans to acquire the oldest Italian car and van rental company, Maggiore Group.
Founded in 1947, Maggiore was the first rent-a-car company in Italy. With an experience of 65 years in business, the brand has now 146 branches in over a hundred of Italian cities, including the key-locations for transport: airports and railway stations and a fleet of over 14,000 vehicles. Through Maggiore’s international partners so far, National Car Rental and Alamo Rent A Car, Maggiore operates also abroad.
Avis expects to close the $170 million deal in the second quarter of 2015, once the customary closing conditions have been fulfilled.
Once Maggiore has been fully integrated into Avis Budget Group operations, the latter expects to see an increase of annual revenue by roughly $160 million.
The group, betting strongly on multi-brand approach plans to introduce a dual brand Budget-Maggiore. This strategy is expected to solidify Maggiore’s position in Italy and expand its presence to international markets as well as boost Budget operations.
Both Avis and Maggiore brand boast commitment to the quality customer service. With the acquisition of Maggiore, Avis hopes to benefit from the large fleet of the Italian counterpart’s vans: 127 of the total of 146 Maggiore’s rental stations offer van rental.
Avis Budget Group, headquartered in New Jersey, USA, operates through a network of over 10,000 rental locations in 175 countries worldwide. The group includes brands as Avis Rent A Car, Budget Rent A Car, Budget Truck Rental, Payless Car Rental and the car sharing system Zipcar.