Advantage Rent A Car has agreed to
buy a fellow economy brand, E-Z Rent-A-Car Group, for an undisclosed amount.
Advantage said the combined
company will have a presence at 22 U.S. airports. Advantage and E-Z will
continue to operate as separate brands.
Bill Plamodon, Advantage’s
president, said, “This transaction will optimize the resources and capabilities
of our two brands to serve value-conscious retail and small-business consumers
who demand a modern fleet and exceptional service across the U.S.”
E-Z founders and co-owners Mehrdad
Memarpouri and Hesam Sahraian have agreed to join Advantage’s senior management
team and will “make a significant financial reinvestment in the
combination as part of the transaction,” Advantage said.
Advantage expects to complete the
transaction in the second quarter of 2015, pending regulatory approvals and
other closing conditions.