[UPDATED w/comments 3/7/2012 @ 4:35 p.m. PT]
SACRAMENTO, Calif. — API Limousine of Sacramento, Ca. recently bought California Limousine Inc., a long-standing corporate luxury transportation provider.
The deal creates a combined company with estimated 2012 revenues of $2.2 million to $2.7 million and 40 plus employees. As part of the deal, API bought 14 of California Limousine's 28 fleet vehicles, leaving a total fleet of about 30 vehicles.
API Global Transportation CEO John Costan said he had heard through the business grapevine that California Limousine owner John Riga was interested in selling his company. "We thought we'd buy a car or two as he liquidates, but he was more interested in selling the whole business, so we looked at the numbers and got to buying the business," Costan told LCT Wednesday. "It's a well respected company and we thought it would be a great fit for us since they are corporate and we are almost all retail."
California Limousine was founded more than 30 years ago by Riga and specialized in luxury transportation services in the corporate marketplace. In contrast, API Limousine focuses on the retail limousine market and has been recognized as the 2011 Sacramento’s Best Limousine Company on the KCRA A-List. “With the combination of these two outstanding companies, API Limousine is now one of the largest providers of luxury transportation services throughout the Sacramento region,” said John Costan, CEO of API Limousine.
“In addition to growing our fleet, we also continue to implement our growth strategy by attracting top transportation personnel, expanding our corporate client base, and partnering with other quality oriented businesses throughout Northern California,” Costan said in a statement. “The purchase of California Limousine integrates perfectly into our goal to become the largest, superior quality provider of luxury and charter transportation services throughout Northern California.”
Riga will be joining API as the executive vice president of business development and will focus his efforts on client acquisition and relationship management. “We are honored to add John to our executive team and we look forward to using John’s tremendous knowledge and experience to help expand our corporate and government client base,” Costan said.
The combined companies will now operate under the brand API Global Transportation Inc. API Global provides luxury, corporate, and charter transportation services through five distinct market brands, including API Limousine, California Limousine, Sacramento Sedan Service, Silver Oak Limousine, and All Dorado Transportation Services.
About 10 California Limousine employees chose to become part of API, Costan told LCT. API Global now has a workforce of about 40-plus employees.
API Global operates a comprehensive fleet of over 30 vehicles, including corporate sedans, executive vans, luxury limousines, Sacramento party buses, and charter bus services. API also operates a US military veteran-focused employment program with 36 staff members at different locations throughout Northern California.
Information: John Costan or John Riga at (916) 852-5466; www.apilimos.com.
Source: API Global Transportation Inc.