Budget Group, owner of Budget Rent a Car Corp., has agreed to sell VPSI, its commuter van pooling company, for about $70 million in cash, notes receivable and including assumption of fleet debt, to an investment group led by Rockwood Capital LLC, a private equity investment group based in Indianapolis.
Budget said it agreed to sell Cruise America, its recreational vehicle rental and sales company, for $131 million, including cash, notes receivable and fleet debt, to an investment group, which includes Cruise America management and its original founders.
Budget has sold all its remaining corporate-owned Budget Car Sales retail facilities and its ownership interest in its car sales joint venture with Triangle Automotive Group, LLC.
The company has reached an agreement to sell Carson Chrysler Plymouth Dodge Jeep Inc., its remaining new car dealership, pending final approval from DaimlerChrysler’s Corp. Budget also has reached an agreement to sell its Budget Rent a Car operations in Denmark to its largest licensee in Europe, which represents Budget’s initial step step to transition its business model in Europe.