Car sharing network operator Zipcar this morning announced the exercise of its option to purchase a majority ownership interest in Barcelona-based Catalunya Carsharing, better known as Avancar, after investing in the company almost exactly two years ago.
In fact, the option had been extended for an extra year after Zipcar decided last year it wouldn’t yet exercise it, opting instead to give Avancar a loan that could be converted into equity.
As things stand today, Zipcar owns a controlling stake of 60 percent in Avancar, which operates a fleet of vehicles throughout the cities of Barcelona and Sant Cugat del Valles.
Said Scott Griffith, chairman and CEO of Zipcar:
“We expect Barcelona to be a top tier car sharing city in the years to come and a key part of our developing network of European cities. With the integration of our acquired U.K. operations completed, we have shifted our focus to expanding our European reach.”
Avancar was founded in 2005 to become the first car sharing operator in Spain.