FORT LAUDERDALE, Fla. -- ANC Rental Corp. completed the sale of its
Alamo and National car rental units to Cerberus Capital Management,
which will operate the brands under the name Vanguard Car Rental
Cerberus, a New York-based private investment group, paid $230
million in cash and assumed $2.06 billion in liabilities.
Other affiliates of Vanguard also completed the acquisition of
ANC's European and Canadian operations.
Vanguard will be headed by William Lobeck, who was named
president and CEO.
Lobeck previously oversaw Alamo and National when they were part
In a statement, Lobeck said Vanguard will focus on recreating
brand distinction between Alamo and National.
Vanguard "will concentrate on restoring National and Alamo to
their former prominence," with National focusing on the business
traveler and Alamo focusing on the leisure traveler, Lobeck said.
ANC filed for Chapter 11 bankruptcy protection in November
To contact reporter Jorge Sidron, send e-mail to [email protected].