The Carlyle Group has reportedly paid £300m for a majority stake in Addison Lee, a long-established player and well-known brand in the transportation and private hire services in London and the South East of England.
Founded in 1975 with one car, Addison Lee has grown to a fleet of over 4,500 vehicles and boasts a significant, established footprint in private hire services across London carrying over 10 million passengers and couriering 1 million deliveries per year.
The focus for Carlyle’s investment in Addison Lee will be to drive business expansion both in the UK and internationally by providing transport services to a wider range of blue chip corporates and individual customers.
It says this will be achieved by enhancing customers’ access to the company’s extensive fleet and significant new innovations in the company’s proprietary technology platforms and brand experience.
Andrew Burgess, managing director of Carlyle Europe Partners, said: “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.
Liam Griffin, managing director of Addison Lee, said: “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.”