PR Newswire

NEW YORK — PaineWebber announced today that an investor group led by PaineWeber Capital, Inc. has completed the purchase of National Car Rental System, Inc. from Household International.

The investors include Fidelco Capital Group and Ardshiel, Inc., through its partnership, Alpine Partner I.

As previously announced, the investors will pay $459 million in cash to Household for the stock of National Car Rental. The total value of the transaction is approximately $1.5 billion, with the balance consisting of refinanced debt.

Donald B. Marron, chairman, president and chief executive officer of PaineWebber Group Inc., said, "National Car Rental is a major company with a strong market niche and we believe it is an excellent investment for PaineWebber and its investment group."

Marron added that Vincent A. Wasik, former executive vice president and a former director of the Hertz Corporation, will be active in the management of National Car Rental. Wasik is a partner in Fidelco Capital Group, an investor in the transaction.

"Vince Wasik is one of the most experienced professionals in the car rental industry," said Marron. "We are delighted that he will be working with National management to enhance National Car Rental's business potential."

PaineWebber Capital, Inc. is a subsidiary of PaineWebber Group Inc., the holding company for PaineWebber Incorporated, one of the nation's leading full-service securities firms.

Fidelco Capital Group is a private investment firm located in Millburn, N.J. Ardshiel, Inc. is a private investment banking firm active in leveraged buyouts. Ardshiel's equity investment is made through its affiliated capital source, Alpine Partners I, an association of equity investors consisting of prominent business executives.

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