Clearwater International has advised the shareholders of Buchbinder on the sale of the company to Europcar Group.
Founded over 60 years ago, Buchbinder is a well-established company in Germany, with an extensive network of 152 stations of which 18 airport stations and an average fleet in excess of 20,000 vehicles. It is the fifth largest car rental company in the market with a solid positioning as a low cost car rental operator, as well as a leading position in the vans and trucks segment.
Buchbinder is also a market leader in Austria and is present in Hungary and Slovakia.
In 2016, Buchbinder Group generated revenues of around EUR200 million.
The acquisition of Buchbinder will boost Europcar’s nascent low cost business in Germany and the strength of the Buchbinder brand will bring an opportunity to source further into the large pool of German and Austrian travellers in order to grow Europcar’s low cost business in southern Europe.
In addition, the combination of Buchbinder and Europcar Germany’s vans and trucks businesses will act as a core pillar to drive the vans and trucks expansion strategy across the Group.
Buchbinder’s best practical expertise on fleet remarketing will deliver further opportunities across the Europcar Group.
The acquisition is subject to customary conditions precedent, including the approval of antitrust authorities, and is expected to close in the second half of the year 2017.
The transaction, which is expected to generate significant synergies in the medium term, is based on a post-synergy adjusted corporate EBITDA multiple slightly above 5x.
The Clearwater International team was led by partner Markus Otto.
Konrad Altenbuchner, shareholder and managing partner, Buchbinder says: “As a combined entity, we believe Buchbinder and the Europcar Group, can provide a more comprehensive range and as a result, even better services to our customers. I am delighted about this opportunity to strengthen the Buchbinder brand in the future and know that I can count on the support of all the employees of the Buchbinder Group to continue to spread the Buchbinder philosophy.”
Caroline Parot, CEO, Europcar Group, adds: “The acquisition of Buchbinder is a major strategic step for the Europcar Group as it will enable us to become the number one player in both Germany and Austria. It will reinforce our presence in the SME business segment and will significantly boost both our low cost and vans and trucks businesses in those countries.”
Markus Otto, managing partner, Clearwater International, says: “We are delighted to have assisted the shareholder in finding the perfect partner for Buchbinder in the highly competitive car rental market. This transaction represents a landmark transaction in the European vehicle rental services sector and mobility market. As a strong strategic partner Europcar Group is able to further manifest Buchbinder’s leading market position and capitalise its growth opportunities.”
