Budget Rent A Car System, Inc. is a car rental company that was founded in 1958 in
Los Angeles, California by Morris Mirkin. He was joined in 1959 by Josef Diamond
and Cane. They were very good Julius Lederer (husband of Ann Landers), and
in 1960 the headquarters was moved to Chicago, Illinois.
The company
was eventually acquired by Transamerica Corporation, and then sold in 1986 in
a leveraged buyout by Gibbons, Green and van Amerongen Ltd., along with management
and selected investors. It was taken public in 1987.
The public
company was purchased by Team Rental Group in 1997, which took the name Budget
Group. In 2002 the company's assets were sold to Cendant Corporation, which also
owned Avis. In September 2006 Cendant Corporation separated into four independent
companies by spinning off its real estate division, now called Realogy, Inc.,
and its hospitality services division, now Wyndham Worldwide, and by selling
its travel distribution services division, called Travelport, Inc., to an affiliate
of The Blackstone Group. In 2006, following the Travelport sale, Cendant,
now composed solely of its vehicle rental services businesses, renamed itself
Avis Budget Group. |
