Enterprise Holdings and Discount Car and Truck Rentals Company Announce Agreement

ST. LOUIS and TORONTO, Dec. 5, 2019 /PRNewswire/ -- Enterprise Holdings Inc. [https://c212.net/c/link/?t=0&l=en&o=2661658-1&h=1317350721&u=https%3A%2F%2Fwww.enterpriseholdings.com%2Fen%2Findex.html&a=Enterprise+Holdings+Inc.], which owns the Enterprise Rent-A-Car, National Car Rental and Alamo Rent A Car brands, and Discount Car and Truck Rentals Ltd., today announced they have signed an agreement in which Enterprise Holdings' Canadian subsidiary will acquire Discount Car and Truck Rentals [https://c212.net/c/link/?t=0&l=en&o=2661658-1&h=1155301267&u=https%3A%2F%2Fwww.discountcar.com%2F&a=Discount+Car+and+Truck+Rentals], a leading Canadian car and truck rental company serving customers across Canada. This includes all corporate-owned locations and the Quebec licensee's daily rental businesses. The combination will bring together the complementary strengths of two family-owned and privately held companies with a rich legacy of delivering superior customer service.

The transaction will create growth by combining complementary networks and service offerings, talented workforces, as well as the expertise of both companies, resulting in a broader offering of services at additional locations with a focus on enhanced mobility offerings.

"By combining Enterprise's existing fleet and airport rental locations with Discount's regional network and deep roots in Canada, we're pleased we'll be able to offer customers across Canada a growing array of choices and services," said Steven Tudela, Senior Vice President of Canadian Operations for Enterprise Holdings.

"Through a broader fleet of cars and trucks of all sizes and an expanded portfolio of services - from airport service car rentals to neighborhood leisure and moving truck rentals - the combined company will be in an even better position to meet the unique mobility needs of Canadian customers and offer greater efficiencies," said Tudela.

Adding Value to Canada's Transportation and Mobility Sector

Enterprise Holdings operates more than 600 airport and neighborhood locations in Canada through a network of independent regional subsidiaries. The merged entity with Discount - which has over 300 locations across Canada - will offer customers a larger and more accessible fleet across the country.

"We're looking forward to this next chapter for Discount," said Jay Singer, President and CEO, Discount Car and Truck Rentals. "Our customers will gain access to a wider range of services, including airport car rentals and Enterprise's global network, while Enterprise's Canadian customers also will gain access to a larger and more varied fleet of rental vehicles, including truck rentals. The combined operations will also provide employees with a wider range of opportunities to grow in their careers. For the past 40 years we've put our customers and people first. Enterprise's shared commitment to these values is a big reason we feel this partnership works so well and is the right step for our employees, customers and partners."

The acquisition is subject to satisfaction of customary closing conditions. Until closing, both companies will continue to operate independently and conduct business as usual.

"In considering bringing together two privately held, multi-generational companies, values and a shared sense of community play an important part in this decision," added Tudela. "These important factors and creating long-term value for customers and employees are always top of mind."

Osler, Hoskin & Harcourt LLP and Freshfields Bruckhaus Deringer LLP acted as legal advisors to Enterprise.

KPMG Corporate Finance LLC acted as financial advisor to Discount, and Stikeman Elliott LLP and Kaufman LLP acted as legal advisors to Discount.

About Enterprise Holdings Enterprise Holdings - through its integrated global network of independent regional subsidiaries and franchises - operates its brands at more than 10,000 fully staffed neighborhood and airport locations. Enterprise Holdings has been providing excellent customer service in the Canadian market since 1993. Combined, Enterprise Holdings and its affiliate Enterprise Fleet Management [https://c212.net/c/link/?t=0&l=en&o=2661658-1&h=4210513011&u=https%3A%2F%2Fwww.efleets.com%2F&a=Enterprise+Fleet+Management] accounted for $25.9 billion in revenue and owned more than 2 million vehicles throughout the world in fiscal year 2019. Enterprise Holdings' regional subsidiaries and Enterprise Fleet Management currently employ more than 100,000 worldwide. Enterprise Holdings currently is ranked as one of America's Largest Private Companies [https://c212.net/c/link/?t=0&l=en&o=2661658-1&h=1801158239&u=http%3A%2F%2Fwww.forbes.com%2Flargest-private-companies%2Flist%2F&a=America%27s+Largest+Private+Companies]. Furthermore, if it were publicly traded, Enterprise Holdings would rank on Fortune's [https://c212.net/c/link/?t=0&l=en&o=2661658-1&h=2628444740&u=http%3A%2F%2Ffortune.com%2Ffortune500%2F&a=Fortune%27s] list of the 500 largest American public companies.

About Discount Car and Truck Rentals Founded in 1980 and headquartered in Toronto, Discount Car and Truck Rentals is a nationally recognized brand operating off-airport and neighbourhood rental locations in Canada. With over 300 neighbourhood branch offices located within 15 minutes from 90 percent of the Canadian population, Discount Car and Truck Rentals is known for renting cars and trucks of all makes and models, from economy cars to luxury brands; and cargo vans to 5-ton trucks. Its commitment to quality and superior customer service is unmatched in the Canadian rental industry. Discount Car and Truck Rentals is proud to have originated picking up and dropping off its clients at no extra cost. In 2010, Discount Car and Truck Rentals was named one of Canada's 10 Most Admired Corporate Cultures; was a Platinum award winner for 2011 and 2012 and was named one of Canada's 10 Most Admired Corporate Cultures(TM) again in 2013. Discount Car and Truck Rentals has also won the Consumer's Choice Award for Business Excellence for 14 consecutive years.

CONTACT: Enterprise Holdings, Lisa Martini, Lisa.Martini@ehi.com or Discount Car and Truck Rentals, Jane Taber, Jtaber@national.ca, 416-700-8798

Web site: https://www.enterpriseholdings.com/

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