HERC completes France and Spain sell-off

Car rental company Hertz said it had completed the sale of the French and Spanish business of its equipment rental subsidiary Hertz Equipment Rental Corporation (HERC). The business has been acquired by French rental company Loxam.

The transaction included 60 locations in France and two in Spain. Loxam, which has 623 locations across fourteen countries, said the transaction increased its market share in the Paris area and the North and West of France, and also reinforced its Spanish network.

HERC president and CEO Larry Silber said, “This transaction will enable HERC to focus on core and specialty market expansion and investments that support our growth strategy, both in the short term and for our future as a standalone company.

"We will continue to evaluate opportunities to increase our global footprint in emerging and growth markets, with an emphasis on franchises and joint ventures, as well as selective development of company-owned branches."

And Loxam chairman Gerard Deprez added, "This transaction allows Loxam to strengthen its nationwide leadership in France, where HERC is one of the leaders in construction equipment rental, and to reinforce its specialty activities. HERC Spain will bolster Loxam’s current presence and allow it to grow in power equipment rental.