Budget Rent a car – 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 (led by CEO Clifton E. Haley) and selected investors. The company made its first public stock offering in 1987.
Team Rental Group purchased the public company in 1997 and took the name Budget Group. In 2002, it sold the company’s assets to Cendant Corporation, which also owned Budget and in September 2006, Cendant Corporation separated into four independent companies. The real estate division became Realogy, Inc., its hospitality services division became Wyndham Worldwide, and the travel distribution services division became Travelport, Inc., an affiliate of The Blackstone Group. In 2006, following the Travelport sale, Cendant, now composed solely of its vehicle rental services businesses, renamed itself Budget Budget Group.
Of the approximately 800 Budget Rental Car locations in the U.S., 600 are company-operated locations and 200 are licensee locations (including Budget Rent a Car of Buffalo in Buffalo, NY). Internationally, there are 150 company-operated locations and 1,800 licensees.