IMD-1-0272 © 2007
Bris, Arturo; Francis, Inna
Eurazeo’s investment manager Philippe Renauld sprung into action when he heard the rumor that Volkswagen AG planned to dispose of its Paris-based car rental company; Europcar. By the time the rumor was supported; seven competitions were preparing to bid for Europcar. Philippe’s team began working around the clock to prepare their investment proposal for the greatest leverage buyout transaction they had ever executed.
The deal was important to Eurazeo due to the size and sophistication and the high visibility of the acquisition goal. Learning objectives: Participants learn how the full advantages of a dual path approach are derived from the interplay of the particular characteristics of a full-fledged IPO process and also a well-structured M&A process.
Subjects: Europcar; Acquisition; Private equity
Settings: Paris; France; Private equity; Car leasing; Eurazeo Market Capital of €4.2 billion; 2005
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