Some companies search far and wide for a winning acquisition candidate. But the folks at Avis Budget Group (CAR) found one in their own backyard. In October 2011 , the operator of the Avis and Budget rental car brands acquired its independently owned licensee, Avis Europe, which operated Avis and Budget in Europe, Africa and the Middle East, and just Avis in Asia. Avis Budget paid roughly $1 billion for the European licensee. The buy brought a lot