HR Aluguer de Automóveis S.A. had been the franchisee partner of Hertz International in Portugal since 1998.
According to Autohellas, the acquisition of the share capital of HR totals 90 percent, including 4.4 percent of treasury shares.
After the finalization of the acquisition, HR becomes the largest subsidiary of Autohellas abroad.
HR’s Portugal main activity focuses on short-term rentals (RAC) as well as used car sales, with the use of the brands of Hertz and Thrifty, with a fleet of 6,000 vehicles.
Also, HR owns the franchisee rights for Azores and Angola through sub-franchisees, receiving net income from royalties.
The company has 270 employees, whilst on an annual basis, estimated revenue for 2022 will reach between 75 million and 80 million euros.
“The consideration for the acquisition of 90 percent of the share capital reached 31.5 million euros, while under certain profitability targets for the period 2022-2024 being met, total consideration can increase by another 7.5 million,” Autohellas said in an announcement.
The acquisition of HR will double the Group’s revenue from the international rentals segment, in relation to the aggregate of Bulgaria, Romania, Cyprus, Serbia, Montenegro and Croatia where the Group already operates in.
Autohellas said that the aim of the transaction, apart from the Group’s expansion, looks at potential synergies that may arise from joint investments in technology, at the Group’s increased buying power as well as at an increased access in the distribution networks of the tourism product in Southern Europe.
According to Autohellas, the addition of highly experienced and capable HR executives to its wider team is also of extreme importance.
For the years to come, Autohellas views as a priority “the increase in the options of growth and development of its personnel with employment in different countries, helping the further development of the Group’s experience and efficiency.”