Cendant splits and the hot-potato history of Avis
Travel group Cendant is nearing its final split into four pieces. Its meteoric rise (it was founded in 1996), rapid growth through scores of acquisitions, and ultimate split up would make for an excellent book. In short order:
- It has spun off its real estate brands (Century 21, Coldwell Banker Era, and Sotheby's International Realty) as a new firm called Realogy (!?)
- It has spun off its hotel/motel brands (Wyndham, Ramada, Howard Johnson, Travelodge, Days Inn and Super 8.) as a new firm called the Wyndham Group.
- It will sell of its Travelport travel booking unit to an affiliate of equity firm Blackstone Group. Brands include Orbitz, Galileo, CheapTickets, GTA and other brands worldwide).
The company will then become a new firm named Avis Budget, after its two rent-a-car franchises.Cendant goes from being a semi-conglomerate holding a number of travel and tourism related brands to being four sharply focused companies.
It's interesting that Cendant now will become identified with Avis, a company that, in spite of famously being #2 (after Hertz), has such a checkered history. Avis has been picked up and dropped like a hot potato repeatedly in its sixty years. This is the fourth time it will be going public.
Here is the background:
1946 - Avis founded in Michigan.
1954 - Avis sold to financier Richard S. Robie.
1956 - Avis sold to an investment group led by Amoskeag Company.
1962 - Avis is sold to Investment banking firm, Lazard Freres & Company.
1965 -Avis is sold to ITT Corporation.
1972 -Avis is spun off as a public company.
1977 - Norton Simon, Inc. buys Avis.
1983 - Esmark buys Norton Simon, including Avis.
1984 - Beatrice buys Esmark with Avis included again.
1986 - Investment firm, Kohlberg, Kravis, Roberts & Co. buys Beatrice. It then sells Avis Wesray Capital Corporation.
1989 -Avis Europe is sold to Cilva Holdings, which is jointly owned by Lease International SA, General Motors Overseas Corporation and Avis, Inc.
1996 - Avis is acquired by HFS Incorporated, at that time, the world's largest franchiser of hotels and residential real estate brokerage offices.
1997 - Avis becomes a public company again. HFS is bought by Cendant.
2001 -Cendant buys Avis.
2002 - Cendant buys Budget Rent-A- Car.
2006 - New public company, Avis Budget Group.
7:23:13 PM 
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