Carlyle’s Addison Lee acquires British chauffeur service provider Tristar Worldwide, Octopus’s portfolio company.
Addison Lee’s purchase of Tristar Worldwide has created Europe’s largest executive car service. With Tristar’s operations in the USA, Asia, UK and continental Europe, Addison Lee is now a major international operator of car services.
Addison Lee Chief Executive Officer, Andy Boland says, “This is a major landmark for our business. Our customers will benefit from access to the best executive car service in the world. Coming together with Tristar means our shared ethos and commitment to quality, service and reliability can be expanded globally.”
Tristar already operates the largest executive car fleet in the UK. Together with Addison Lee’s fleet, the combined operation will have almost 1,000 premium vehicles around the world, becoming the undisputed market leader in the executive car market.
The acquisition fulfils both companies’ strategy to focus on the premium end of the market and increase the availability of high quality car services to customers. There is strong demand for executive car services, particularly on a trans-Atlantic basis, which means the combined business is well positioned for growth.
Tristar has global revenues of £50m, more than 200 staff and over 450 chauffeurs. It has over 35 years of heritage and a reputation for being one of the most trusted brands in the industry. The Tristar brand will continue to be bolstered by Addison Lee’s substantial fleet, 23,000 business customers and market leading technology.
When taken as a whole, this creates Europe’s largest car service operator with over 5,000 cars and drivers, and a team of over 800 dedicated to delivering the best possible customer service.
Andy Boland, CEO, Addison Lee, adds: “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.”
Dean de Beer, CEO, Tristar Worldwide says: “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.”
Jane Vinson of Octopus Ventures, who backed Tristar Worldwide in 2008 says: “Having worked with Dean and the wider Tristar team since 2008, we are delighted that today they have been acquired by Addison Lee, and combined they now make up the largest executive car service in Europe. The team have achieved impressive international growth and customer contracts in the time we’ve worked together, so today marks an exciting next step – we wish them every success.”
Source: Addison Lee Press Release