PRINT THIS PAGE Private equity consortium to acquire Hertz in one of the largest buy-out deals ever13/09/2005. Source: AltAssets. 
 Clayton, Dubilier & Rice, The Carlyle Group and Merrill Lynch Global Private Equity have agreed to acquire The Hertz Corporation from Ford Motor Company for $15bn including debt. The consortium outbid The Blackstone Group, Texas Pacific Group, Bain Capital and Thomas H. Lee Partners who had all teamed up to submit a joint bid, according to reports.
New Jersey-based Hertz, founded in 1918, has more than $7bn in annual revenue. The vehicle rental organisation has been consistently profitable in recent years, CD&R said in a statement.
George W Tamke, a CD&R operating partner, will serve as chairman of the board of directors. He said, 'The company's underlying strengths - an exceptional global brand, premium pricing supported by superior customer service and a history of industry innovation - form a strong platform on which to pursue further growth initiatives.'
CD&R has managed the investment of over $5.5bn in 37 businesses since the firm's founding in 1978.
Carlyle has $31bn under management and invests in buy-outs, venture capital, real estate and leveraged finance.
Merrill Lynch Global Private Equity is the private equity arm of Merrill Lynch & Co.
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