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SOURCE Franchise Services of North America Inc.
FORT LAUDERDALE, FL, Feb. 10, 2014 /PRNewswire/ - Advantage Rent a Car ("Advantage") today announced that the Federal Trade Commission approved the sale of Advantage to The Catalyst Capital Group Inc. ("Catalyst") from Franchise Services of North America, Inc. The sale is expected to be completed within the first quarter of 2014.
One of the largest Canadian private equity firms with over $3.5 billion of long term committed capital under management, Catalyst has a proven track record of acquiring distressed businesses and successfully turning them around.
Catalyst has recently committed an investment of more than $50 million to support the purchase of more than 2100 new vehicles for the Advantage fleet with scheduled deliveries of March 2014.
"Catalyst is a great business partner for us," said William Plamondon, President of Advantage Rent a Car. We are working together to structure a new Advantage - this is another step in enhancing our fleet offerings to our customers with brand new Chrysler 200 convertibles and Grand Caravan Minivans."
About Advantage Rent a Car
Headquartered in South Florida, Advantage Rent a Car is the fourth largest car rental company in the U.S. Advantage is a primarily leisure car rental brand operating in 40 U.S. airport locations. Advantage has a shared services agreement with Europcar providing its customers worldwide car rental opportunities. Advantage delivers quality fleet and friendly service at reasonable rates.
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