Auto Escape acquires Car del Mar
Auto Escape, France’s leading online broker in leisure car hire has completed the acquisition of Car del Mar.
Auto Escape was founded in 1999 and has risen to become one of the leading international firms in the online, low-cost car hire brokerage. The company has operations in 13 different countries across Europe.
The acquisition reinforces Auto Escapes position in Continental Europe and almost doubles its volume of business. Headquartered in Hamburg, Car del Mar operates in Germany, Austria, Switzerland, France, Italy, Spain, the US and the UK. Both companies will continue to trade under their respective brands and there is no plan to reduce or transfer the workforce.
Bruno Couly, Chairman of Auto Escape, will spearhead the new group and Carsten Greiner, co-founder and Chief Executive of Car del Mar has been named Executive Vice Chairman of the new organisation.
Bruno Couly, Chairman and Chief Executive of Auto Escape commented: “This acquisition is consistent with Auto Escape’s expansion strategy which aims to establish our firm as an international leader on the online car rental brokerage market. In addition to the strong positions Car del Mar holds on several European markets, I am very much looking forward to working with Car del Mar's management. Since I took my role at the head of Auto Escape in 2005, the journey has been an exciting one.”
Carsten Greiner, founder and Chief Executive of Car del Mar announced: “After leading Car del Mar to becoming one of the European leaders in a few years, my shareholders and myself have made the decision to sell the company to Auto Escape. I am certain that we share the same vision as Auto Escape and that our combined teams will create a new international dimension to the newly formed group.”
Montefiroe Investment who is the majority shareholder in Auto Escape since 2009 coordinated the transaction.
Daniel Elalouf, Chief Executive of Montefiore Investment, adds: “We are delighted to be accompanying Auto Escape along this latest stage of its development. This operation, creating a leader in Continental Europe, is wholly in line with Montefiore Investment’s investment strategy, which is centred on profitable growth and the creation of ‘European champions’.”
This acquisition will allow Auto Escape to continue its profitable growth and strengthen its relations with its car hire partners.
Auto Escape received financial due diligence from Deloitte and legal advice from Heymann & Partner based in Germany. Heymann & Partner was founded in 2005 and has grown to have approximately 8 partners and 20 lawyers. The firm specialises in technology, M&A, private equity/venture capital, restructuring, outsourcing and intellectual property. The team at Heymann was led by M&A partner Titus Walek.