Canadian private equity firm The Catalyst Group has completed the acquisition of specific assets of Advantage Rent a Car from Simply Wheelz, a subsidiary of Franchise Services of North America. No financial terms were disclosed for the 363 sale that includes operations at 37 airports. Simply Wheelz filed for bankruptcy protection last November.
FORT LAUDERDALE, FL–(Marketwired – May 01, 2014) – Advantage Opco, LLC dba Advantage Rent a Car (“Advantage”) today announced they have successfully closed the purchase of specific assets of Advantage with The Catalyst Capital Group Inc. (“Catalyst”) from Simply Wheelz LLC, a subsidiary of Franchise Services of North America, Inc.
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 purchased assets of Advantage Rent a Car in a 363 sale that includes operations at 37 airports.
Catalyst is investing hundreds of millions to replenish the fleet, as well as renovate Advantage locations to improve customer experience. The new fleet, along with a strong balance sheet and an experienced management team positions Advantage for success and future growth.
Gabriel de Alba, Managing Director and Partner of Catalyst will be directly involved as Executive Chairman.
“We are excited to complete the sale,” said William Plamondon, President of Advantage Opco, LLC. “We are moving forward as a new Advantage in a strong financial position with new fleet and terrific people that will allow us to do great things for our customers.”