Avis acquires New Zealand car hire agency - Car Rental News
Avis acquires New Zealand car hire agency
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Car Rental News - 06/09/2012
US-based Avis Budget Group has acquired New Zealand’s Apex Car Rentals firm.
US-based Avis Budget Group has acquired New Zealand’s Apex Car Rentals firm.
Reports said on Thursday that the deal took place this week in a cash exchange worth USD $29 million (£18 million), although Avis will still be required to make a separate payment for the book value of the Kiwi brand’s rental fleet, according to reports. Officials said the agreement will be officially completed within the coming month.
President of Asia-Pacific and Latin American operations for Avis Budget, Patric Siniscalchi, said in a statement that the takeover would allow the firm to broaden its offerings to visitors and residents of New Zealand as well as Australia.
Apex Car Rentals has been in business since 1992 and is the biggest privately owned car hire firm in New Zealand, according to a press release. The company now employs some 140 staff members at rental locations throughout New Zealand and Australia.
Phil Lennon, founder of Apex Car Rentals, will stay on with the company. He said in the press release that the firm would continue to operate and serve customers in the “Kiwi way” despite the acquisition. He added that it was this attribute that allowed the company to succeed and evolve through the years.
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