Tristar Worldwide has been acquired by Addison Lee to give the private hire company an international footprint and take its service to the “next level”.
It is understood to have paid about £30 million for Tristar, which has global revenues of £50m, more than 200 staff and in excess of 450 drivers
Founded in 1978, Tristar pioneered airline door-to-door luxury chauffeur services for global airline companies such as Virgin Atlantic. Today, the company has headquarters on three different continents and a multitude of regional centres across Europe, North America and Asia.
Andy Boland, CEO of Addison Lee, said: “There will be significant growth in the executive car market following the 15% jump in volumes we saw in 2015.
“With Tristar, we will be able to take our service to the next level and into new markets around the world. For the customers of both companies this means a better and more efficient experience and a global service.”
The Tristar brand will continue, bolstered by Addison Lee’s fleet, 15,000 business customers and technology.
Dean de Beer, CEO of Tristar, said: “Both Addison Lee and Tristar are market leaders in their respective sectors with long standing reputations for service quality and reliability.
“When we set out to look for a partner with whom we can grow and take our business to the next level, Addison Lee was the obvious choice. I am proud of what we have achieved so far and excited about the next chapter for Tristar.”
Strong customer demand for executive car services, particularly on a trans-Atlantic basis, means the combined business is well positioned for growth and will create one of Europe’s largest private hire operators, with more than 5,000 cars and drivers, and a team of more than 800 dedicated to delivering customer service.
Cavendish Corporate Finance advised Tristar on the deal. Jonathan Buxton, partner and head of the consumer group at Cavendish Corporate Finance, said: “Appetite for luxury car services is expanding around the world, as increasingly high net worth individuals and business professionals expect to be able to access a truly premium service wherever they travel.
“China outbound alone is a huge opportunity, with significant increases forecast in both business and independent leisure travel.
“Addison Lee and Tristar have the potential to create a truly global luxury car operator, able to offer a seamless international service across markets and geographies. With demand growing strongly, we expect to see further transactions in both luxury services and travel."