FT. LAUDERDALE, Fla. — Coastal Car Worldwide closed a deal last month to buy the assets of Miami-based Red Limo, a five-year-old, six-vehicle company owned by operator Austin Cohen.
The deal includes the business lists, vehicle permits, phone lines and database of Red Limo. Cohen now works for Coastal in a business development capacity. Exact terms of the deal and Coastal Car annual revenue figures were not disclosed.
“We increased our Miami-Dade footprint with this asset purchase and have built a good database of clients,” said Evan Michaels, CEO of Coastal Car.
Red Limo was known for its distinct white fleet vehicles, including a 7-series BMW and Cadillac Escalade. The company was a finalist in the 1-10 vehicles category of the 2011 LCT Operator of the Year Awards.
Michaels said the deal came about because Cohen wanted to transition from an operational role. Cohen had worked with Coastal in the past and knew one of its owners, J.C. Carey. The two owners had forged a mutual business respect, Michaels said. “Coastal has a strong foundation and a sizable back office with infrastructure, so this was a good fit,” he said.
The acquisition of Red Limo fits into a growth pattern for Coastal Car that has doubled in size over the past two years. The company recently moved into a 17,000 square foot headquarters and vehicle warehouse in Ft. Lauderdale that sits along the main access road to the Ft. Lauderdale International Airport. This allows fleet vehicles “a straight shot to the airport terminals,” Michaels said.
Coastal also operates a smaller facility and parking area near the Miami International Airport. In the next few years, Coastal plans to buy a new Miami satellite facility situated between MIA and South Beach, and a small satellite facility near the Palm Beach International Airport.
Coastal Car Worldwide ranks as one of the largest chauffeured transportation operations in South Florida, with chauffeured service stretching from Palm Beach County through Miami-Dade.
-- Martin Romjue, LCT editor