Investment holding company the Thesele Consortium has concluded its acquisition of car rental chain Bidvest Car Rental (BCR) Group from JSE-listed investment management company Bidvest following approval by the competition authorities.

The purchase includes the full portfolio of BCR, consisting of its car rental, chauffeur drive service, door-to-door transfer, van and truck rental, and the innovative Snappdrive keyless fleet service.

Thesele says BCR will be rebranded to align the acquired assets to the professional, innovative and entrepreneurial business branding of the group.

Customers and business partners can look forward to the launch of the rebranded BCR within the next three months, which will focus on a more streamlined and helpful service as the brand evolves into a mobility solutions business.

During this transition period, BCR will continue to run services with no disruption to its public and corporate customers while maximising the current industry-wide growth and recovery efforts.

“Our focus over this past year has been on adapting to the pandemic challenges and ensuring a successful sale of the business. Now that the baton has been passed into safe hands, our immediate focus is to ensure a seamless transition for our customers, while planning for the exciting new way forward,” says BCR CEO Paulette McGhee.

Thesele Consortium will introduce the brand into new areas and lines of business.

“The future prospects and opportunities within the motor industry are what triggered the acquisition. We expect to see industry-wide technology adoption at an exponential rate, which will drive the evolution of the industry. Future success lies within the value-added mobility service offerings where our biggest opportunities will be found,” says Thesele Group director Oliver Petersen.

The car rental industry was severely affected during the various levels of the national lockdown, and it is estimated that the industry as a whole contracted by 50% in 2020. Trading conditions are expected to remain difficult over the next year. Until in-bound tourism returns, BCR’s focus over the short- to medium-term will be heavily weighted towards meeting the demands of the 'local is lekker’ market.

BCR will continue to be driven by its principles of commitment to its people, fostering a culture of being friendly, young at heart, fun and energetic, and remain committed to conducting healthy business practices.

“We have a strong foundation, and remain committed and appreciative of our high-performing, customer-centric team of people who have played a very important role during this process. We thank the Bidvest Group for their unwavering support; while Bidvest exit as shareholders, we continue our relationship as key strategic partners,” says McGhee.