Leading global provider of vehicle rental services Avis Budget Group and Turkey’s Otokoc Otomotiv* on Thursday completed the acquisition of Olympic Commercial & Tourist Enterprises S.A., which trades as Avis Greece, from Piraeus Bank S.A. The acquisition took place following the completion of regulatory approvals of the Hellenic Financial Stability Fund and the European Competition Authority.
The company’s acquisition price amounted to 80.6 million euros and its enterprise value to 320 million euros.
Olympic/Avis Greece holds a leading position in the Greek market, responding to the car rental needs for rent-a-car and leasing services, while specializing in used car sales and van rental. It holds the Avis Rent a Car, Budget Rent a Car and Payless master franchises for Greece.
According to Olympic/Avis Greece, last year it generated revenue of 170.4 million euros with a fleet of more than 32,000 vehicles.
“This investment demonstrates the confidence of international financial giants in the potential of healthy Greek businesses and their human resources, as Olympic will continue its dynamic growth path,” the company said.
Moreover, Olympic said that the investment demonstrates the confidence of the investors in the prospects of the Greek economy and tourism.
* Otokoc is a joint venture company between subsidiaries of the corporate groups of Avis Budget Group Inc (a company registered in the United States) and Koç Holding A.S. (a company registered in Turkey).