Houlihan Lokey Advises Europcar Mobilty Group

Houlihan Lokey is pleased to announce that Europcar Mobility Group S.A., publicly listed on Euronext Paris, has acquired Fox Rent A Car, Inc., one of the largest independent players in the U.S. car rental market. The transaction closed on October 31, 2019.

Europcar Mobility Group is a French car rental company founded in 1949—currently holding a 27% market share in Europe—the company is a major player in mobility markets and is listed on Euronext Paris. The mission of Europcar Mobility Group is to be the preferred "Mobility Service Company" by offering alternative and attractive solutions to vehicle ownership, with a wide range of mobility-related services, including vehicle rental, chauffeur services, car-sharing, scooter-sharing, and peer-to-peer car rental. Europcar Mobility Group operates through multiple brands to meet each customer-specific need. Its four major brands are Europcar®—the European leader in vehicle rental services, Goldcar®—the most important low-cost car-rental company in Europe, InterRent®—a mid-tier brand focused on leisure, and Ubeeqo®—one of the European leaders in car-sharing (B2B and B2C). Europcar Mobility Group delivers its mobility solutions through an extensive network in 140 countries, including franchises, partners, 20 wholly-owned subsidiaries in Europe, and two in Australia and New Zealand. The strategic acquisition for Europcar Mobility Group marks a key milestone in the rollout of SHIFT 2023, the company's strategic roadmap to reach €4 billion in revenue and 15 million active customers by 2023.

Fox Rent A Car, headquartered in Los Angeles, California, operates a network of 21 corporate stations and more than 100 affiliates. It is present in 15 of the country's top 25 airports, with an attractive value for money price positioning, an impressive track record of organic growth (delivering an average 6.4% revenue growth between 2013 and 2018), and a fleet of approximately 18,000 vehicles. In 2018, Fox Rent A Car generated around $280 million in revenue.

Under the leadership of Co-Founders Mike Jaberi and Allen Rezapour, Fox Rent A Car will be the platform for Europcar Mobility Group's future developments in the United States, the world's biggest car rental and mobility market. It will greatly strengthen Europcar Mobility Group's ability to serve customers on a global scale, thanks to Fox Rent A Car's ground presence in key U.S. airports.

Houlihan Lokey served as the exclusive buyside financial advisor to Europcar Mobility Group and assisted in structuring and negotiating the transaction. The transaction demonstrates Houlihan Lokey's capabilities in public company advisory assignments and expertise in facilitating cross-border transactions.