Enterprise Rent-A-Car Germany has announced the signing of an agreement to acquire CARO Autovermietung GmbH.
The agreement brings together two privately-held companies and will create one of the largest car rental businesses in Germany, according to Enterprise.
The agreement, for an undisclosed sum, is subject to approval by the German Federal Cartel Office (Bundeskartellamt) and is expected to be closed in the coming weeks. Until such approval, the Enterprise and CARO Autovermietung brands will be operated independently, but when the companies are integrated later this year, it will expand Enterprise’s branch network and fleet significantly.
Enterprise, which celebrates its 20th anniversary in Germany this year, has more than 160 locations and more than 1,500 employees nationwide.
Headquartered in Bremen, CARO Autovermietung has 32 corporate-owned locations and 14 agency-owned branches throughout Germany, where it has more than 800 employees. As a result, the combined business will have more than 200 locations, a fleet of approximately 17,000 vehicles, and over 2,300 employees, according to Enterprise.
Founded by Stefan Peters in 1998, CARO Autovermietung operates in the corporate and replacement sectors. Stefan Peters will remain in an advisory role with the business, and the rest of the CARO senior management team will remain in place.
"Like Enterprise, CARO is renowned for delivering excellent customer service, has an entrepreneurial culture, and promotes from within, which makes this such an excellent fit,” said Jim Strack, general manager and vice president, Enterprise Rent-A-Car Germany. “This acquisition is about growth and represents the next chapter of our success story in Germany, which has always been one of the most important markets in the world and plays a decisive role in our future plans for Europe. With CARO, we have found a successful company that shares our values and which fits perfectly into our expansion and growth strategy. We are very pleased to welcome all the employees of CARO to the Enterprise family and to offer them excellent prospects in our rapidly growing company. ..."
“With this agreement, I’m delighted to have secured the future development of the CARO business as well as provide opportunities for CARO employees,” said Stefan Peters, founder and managing director of CARO Autovermietung GmbH. “Enterprise is the world’s largest car rental company, is privately owned, and international in scale, which will be attractive to many of our corporate customers. Like CARO, Enterprise is also an expert in the replacement sector, and there are many more similarities in terms of business models and corporate culture. The agreement will significantly increase Enterprise’s presence in the German market, and I’m excited to be a part of that development.”