Catalyst named Advantage Rent A Car's prevailing purchaser, confirms asset buys
Franchise Services of North America Inc (TSX-V: FSN) has announced that Canadian private equity firm Catalyst Capital Group has been named the prevailing purchaser in an auction of assets held by Advantage Rent A Car in the Simply Wheelz LLC insolvency proceedings. Catalyst has confirmed that it will assume 41 U.S. airport concession agreements used in the business. Pursuant to the agreement approved by court authorities, the consideration will be a credit bid of US$46 million against the debtor-in-possession facility provided by Catalyst to Simply Wheelz, plus the assumption of certain liabilities. Franchise Services bought Advantage-Simply Wheelz from Hertz Global Holdings Inc in 2012.
28 April 2014•6 mins read
