New Jersey operators Paula and Bob Duffy recently grew their company, Regal Limousines & Car Service, by acquiring Ultimate Limousine Service.
SOUTH AMBOY, N.J. — Regal Limousines & Car Service of South Amboy has acquired the name and assets of Ultimate Limousine Service of Matawan, N.J. in a deal that will yield $1.6 million in annual sales with a fleet of 25 vehicles.
The deal closed July 1. A transaction value was not disclosed. Ultimate had annual sales of about $700,000. No additional vehicles were part of the transaction.
Ultimate Limousine Service had been in business for more than 12 years, providing corporate and retail service, including weddings and proms. With this acquisition, Regal is expanding its mid-New Jersey/New York City direct service. The Ultimate operation has been integrated without interruption into Regal’s location in South Amboy.
“Former Ultimate customers will experience enhanced services, including e-mailed confirmations, receipts and invoices, and on-line reservations that our office provides,” said Robert Duffy, CEO of Regal, in a statement.
Duffy, who has owned Regal Limousine and Car Service (RLCS) since 1983, has built his company into a widely respected provider in a luxury transportation market noted for its consistent high-quality service.
Limousine management consultant Bruce Davidson helped broker the straight-up cash deal.
The acquisition was arranged by Bruce Davidson, a limousine industry consultant with his firm, Davidson Management Solutions, LLC. Davidson, also the vice president of affiliate operations at Regal, has been a business associate of Duffy of Regal and Ultimate owner Steve Bogen for many years.
Davidson told LCT that the Regal deal came together clean and quick since the company had plenty of available cash and Bogen felt confident in selling because his longtime customers would be more than satisfied with Regal’s reputation and high level of service.
Regal’s 25-vehicle fleet includes sedans, stretches, vans, SUVs and mini-buses. The company has 28 full- and part-time employees.
The Regal Limousine service area includes New York City and its major airports, Central and Northern New Jersey including Princeton, Atlantic City, and Philadelphia. Regal’s affiliate program enables it to provide service worldwide. The company is a member of the National Limousine Association (NLA) and the Limousine Association of New Jersey (LANJ).
Information: (800) 223-1023; www.regallimoservice.com
Sources: Davidson Management Solutions; Martin Romjue, LCT editor