Goldcar’s Owners Said to Hire Deutsche Bank to Weigh a Sale

LAGOS (Capital Markets in Africa) – European private equity firm Investindustrial is exploring a sale of its low-cost car rental company Goldcar Spain SL, which could fetch more than 500 million euros ($533 million), according to people familiar with the matter.

The buyout fund, led by Italian businessman Andrea Bonomi, has hiredDeutsche Bank AG to help find a buyer for Goldcar, which operates in southern European markets including Spain, Italy, and Portugal, as well as Mexico and Morocco, the people said, asking not to be identified because the deliberations are private. Marketing documents have been distributed to potential bidders, though the process is still at an early stage and may not result in a sale, they said.

Other private equity firms and companies in the industry may be interested in the asset, the people said. A spokeswoman for Deutsche Bank declined to comment. Representatives for Investindustrial and Goldcar didn’t have an immediate comment.

Alicante, Spain-based Goldcar operates a fleet of more than 50,000 vehicles and more than 80 offices in areas including major tourist airports and railway stations serving the Mediterranean, according to the company’s website.

Investindustrial acquired 80 percent of Goldcar in 2014. At the time, the company was expecting annual revenue of about 225 million euros and earnings before interest, tax, depreciation and amortization of more than 100 million euros.

Founded in 1990, Investindustrial invests in mid-sized companies in Europe. It also holds stakes in European luxury brands including carmaker Aston Martin and Sergio Rossi shoes.