Canadian private-equity firm Catalyst Capital Group has acquired Advantage Rent a Car from Franchise Services of North America (FSNA) for an undisclosed price.
The transaction follows the approval of the sale by a bankruptcy court judge in January.
Hertz Global Holdings sold Advantage last year to comply with antitrust regulators' conditions for acquiring Dollar Thrifty Automotive Group.
Advantage subsequently filed for bankruptcy protection. FSNA blamed an $8.6 million loss it took on the 5,300 vehicles previously owned by Hertz that it sold into the used-car market.
With some of its locations shut down, Advantage generated revenue of about $60 million last year, down from about $190 million in 2012, trade publication Auto Rental News estimated. Advantage still has outlets at 37 airports.
Catalyst’s other investments include Canadian companies Gateway Casinos and Natural Market Restaurants Corp.
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