Mr. Thomas McDonnell reports
FRANCHISE SERVICES OF NORTH AMERICA INC. ANNOUNCES THE COMPLETION OF ACQUISITIONS OF ADDITIONAL ON-AIRPORT AND OFF-AIRPORT CONCESSIONS FROM HERTZ GLOBAL HOLDINGS, INC.
Adreca Holdings Corp., a subsidiary of
Macquarie Capital, has completed one of the
scheduled acquisitions of additional on-airport and off-airport
concessions from Hertz Global Holdings Inc. The additional
airport concessions are a result of the acquisition by Adreca of the
Advantage Rent-A-Car brand from Hertz in December, 2012,
and is more fully described in Franchise Services Of North America's press release of Dec. 12, 2012.
As a result of the acquisition, Adreca opened new rental locations at
Minneapolis-St. Paul International Airport (MSP) as an in-terminal
operation, and has also moved pre-existing off-airport operations at
Palm Beach International Airport (PBI), Jacksonville International
Airport (JAX), Milwaukee General Mitchell International Airport (MKE)
and Norfolk International Airport (ORF) to in-terminal operations.
Adreca's acquisition of the remaining additional airports and certain
other divested assets from Hertz is expected to close in stages
continuing in the first and second quarters of 2013. Adreca will be
Hertz's sole divestiture partner in conjunction with the dispositions
required to be made by Hertz by the consent decree issued by the United
States Federal Trade Commission, previously detailed in the company's
Nov. 20, 2012, press release.
As previously described by the company's Aug. 28, 2012, press release,
Franchise Services Of North America and Adreca have entered into an agreement to merge a wholly owned
subsidiary of the company with Adreca. Franchise Services Of North America and Adreca
are parties to a management services agreement, pursuant to which Franchise Services Of North America provides Adreca with certain management services in respect of
Advantage and the other assets divested by Hertz pending closing of the
Commenting on the recent developments, Thomas P. McDonnell, the
company's chief executive officer and chairman, said, "We continue to
progress with the addition of these new offices, and look forward to
expand our footprint of in-terminal locations in new destinations to
service our existing and new customers."
We seek Safe Harbor.
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