JSL PURCHASE MOVED for $ 65 MILLION

The JSL (formerly Júlio Simões logistics) signed, in the early evening of Thursday (5/09), the purchase contract vehicle leasing company Moved rent-a-car for $ 65 million. The deal marks the debut of the company in a market that grossed $ 6.23 billion, gained 20.2 million clients and has grown at a rate of ten times the gross domestic product (GDP) last year, according to industry data. The JSL will pay $ 15.5 million of equity and the remainder, about $ 50 million debt will be shot.
The Move has 29 stores and a fleet of 2.4 thousand vehicles and last year grossed a total of $ 98.8 million. The agreement provides for the acquisition of vehicle rental and Powered Up vehicles and Representations, the largest of the three franchisees. Apta has six shops and 780 vehicles. The Move also has contracts with two other franchisees operating in Santos and on the North coast of São Paulo, in addition to Uberlândia (MG). These two franchises will follow in the hands of third parties.
Conditions in accordance with the relevant notice sent yesterday to the Brazilian Securities Commission (CVM), the completion of the acquisition is conditional on the fulfilment of certain conditions (due diligence) and the approval of the Administrative Council for economic Defense (Cade).Because of the reduction of the debt of the Moved, the JSL claims that the impact of the purchase on the company's balance sheet is small. The President of JSL, Fernando Sen, said the acquisition of Moved will complement the company's services portfolio that is offered to corporate clients.

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The purchase of Moved rent-a-car places the JSL in an industry that grossed $ 6.23 billion and grew 9.9 percent last year compared to 2011, according to data from the Brazilian Association of car rental companies (Abla). The sector ended with 2,217 2012 car rentals in Brazil and a fleet of 489.5 million vehicles. In 2008 there were 1,893 shops and 318,865 fleet units, with revenue of $ 3.99 billion.
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The President of JSL told that negotiations that culminated with the purchase of the Moved began about 60 days ago. "We're taking over a company that, although small, has an installed base of structure, which meets the main Brazilian airports and has a healthy system," he said. "With this combination, we believe that we develop our business conditions also in the leasing of vehicles, with sustainability to bring profit to the JSL," he added.
The moved and the Apta presented in 2012 a turnover of r $ 98.8 million. Of this total, R $ 65.1 million came from the rental and $ 33.7 million from the sale of assets. The Ebitda (earnings before interest, taxes, depreciation and amortization) totaled r $ 14.6 million.