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Issue: 1128 Date: 4/5/2012
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Enterprise Holdings buys stake in Chinese rental car company
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| Enterprise Holdings operates North America's biggest rental car business. |
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Enterprise Holdings is acquiring a 15 percent stake in eHi AutoServices in China, marking its entry in the growing Chinese market and continuing its push for overseas growth.
Clayton-based Enterprise Holdings, which owns and operates the Enterprise Rent-A-Car, National Car Rental and Alamo Rent A Car brands, announced its investment in eHi today. Terms of the deal were not disclosed. The ownership stake will allow Enterprise to have at least one board member on eHi's board of directors.
eHi has a fleet of more than 7,600 rental vehicles and operates 383 locations in 48 Chinese cities.
In a statement, eHi's chairman and CEO Ray Zhang said the investment will allow eHi to leverage Enterprise's 55 years in the industry.
For Enterprise, it marks the latest push by the $14.1 billion company with more than 7,700 locations to expand globally. Enterprise Holdings' fleet of cars and trucks exceeds 1.2 million.
"Under this agreement, not only are our customers assured of a high level of service when traveling in China, but eHi's customers also will be introduced to our award winning and family friendly service globally," Enterprise Holdings' Executive Vice President and Chief Strategy Officer Greg Stubblefield said in a statement.
On Feb. 1, Enterprise Holdings closed on its acquisition of two European rental car companies, PSA Peugeot's Citer SA and Atesa units, that extended the company's reach to Spain and France.
(St. Louis Post-Dispatch)
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