Carlyle acquires majority stake in UK minicab firm Addison Lee for $459 mn
20 Apr 2013
US private-equity firm Carlyle Group yesterday acquired a majority stake in Britain's largest minicab company Addison Lee, for £300 million ($459 million).
Founded in 1975 by cab driver John Griffin and investor Lenny Foster with one car in Battersea, Londan, Addison Lee has grown to a fleet of over 4,500 vehicles and a private coach company with a fleet of 100 coaches.
Over almost 40 years, the company has become a leading provider of private hire vehicles, courier services and private coaches by carrying over 10 million passengers and couriering 1 million deliveries per year.
Carlyle, which has a €5.4 billion fund that makes mid and large cap investments, did not disclose the size of the stake, but Addison Lee said that both John Griffin and the family of Foster will hold minority stakes.
Under the terms of the deal, the John Griffin will remain as chairman, while his son Liam will continue as chief executive.
Carlyle will now try to expand Addison Lee's business both in the UK and internationally by providing transport services to a wider range of blue chip corporates and individual customers through the company's extensive fleet and new innovations in the company's proprietary technology platforms.
''Addison Lee is a strong business and brand with great potential. As experienced investors in the automotive and transportation sector through companies such as Applus+, Hertz and RAC, we hope Carlyle's experience and expertise will allow us to support the plans to continue growing the business both in the UK and internationally and to create value,'' said, Andrew Burgess, managing director of Carlyle Europe.
''We are delighted to welcome Carlyle to the Addison Lee family. From humble beginnings almost 40 years ago, Addison Lee has grown to become a well-known brand, valued for its customer service and innovative technology alike. We are excited about this investment, which provides the endorsement and backing of one of the world's largest investment firms and provides a platform for Addison Lee's continued future growth,'' said Liam Griffin.
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