Enterprise Holdings Irish division has signed a deal to acquire commercial vehicle rental company Walker Vehicle Rentals, which is based in Dublin.
Subject to regulatory approval, Walker will operate as part of the Enterprise Flex-E-Rent division.
Walker Vehicle Rentals operating company Eastcrest Ltd had turnover of €22.6m in 2019 and booked an operating profit of €2.4m. Period end liabilities amounted to €28.9m and net worth was €11.7m.
Senior vice president Khaled Shahbo said: “There are many similarities between the two companies, not least that they are family-owned with strong links to the communities in which they operate. Both companies have great teams that are incredibly knowledgeable, and we are confident that together we can create a stronger business and a truly world-class commercial vehicle offering.”
“We will work closely with the senior management of Walker Vehicle Rentals to ensure a smooth transition once we are in a position to move forward. Our goal is to create a stronger, scalable, more sustainable business, which will flourish to support our customers’ growth and success."
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The Walker management team will continue to oversee the business throughout the approvals process and will remain to provide key management and support to the business.
Walker managing director Declan Malone added: “This agreement supports our long-term ambition for the business and will provide our customers with a greater diversity of product lines, as well as access to industry-leading technologies and infrastructure.”
Enterprise Holdings operates the Enterprise Rent-A-Car, National Car Rental and Alamo Rent A Car brands. It is based in St Louis, USA, and is the world’s largest car rental company. The business was founded in 1957 and remains family owned.
It first opened operations in Ireland in 1997, is headquartered in Dublin, and has more than 200 employees and 24 branch locations throughout the country.
Walker’s latest accounts, for 2019, showed an after-tax profit of just over €1.2m, a slight increase on the previous year. It also held a total of €11.7m in P&L reserves.
