Operations

Harrison Global Buys Boston Coach From Fidelity

Posted on May 23, 2013

BostonCoach was started in 1985 by Fidelity’s first iconic chairman Edward “Ned” C. Johnson III. Photo: Reuters File/2008
BostonCoach was started in 1985 by Fidelity’s first iconic chairman Edward “Ned” C. Johnson III. Photo: Reuters File/2008

BOSTON, Mass. — Fidelity Investments is reported to be selling BostonCoach to Harrison Global of Waltham, Mass. The sale price has not yet been disclosed.

BostonCoach was started in 1985 by Fidelity’s first iconic chairman Edward “Ned” C. Johnson III. It became known as one of Johnson’s pet projects and he paid close attention to the business to make it a well-known limousine and black-car service in the Boston area. The car service initially transported Fidelity employees, but expanded to a current 200 vehicle fleet in Boston and service in 40 countries.

BostonCoach has been cutting costs since 2008, and has reduced its employee number by about half since then, with only 275 employees currently based in Massachusetts.

Johnson remains chairman of Fidelity at age 82, and recently elevated his daughter Abigail Johnson to his second in command at the company. A number of moves have taken place at Fidelity lately, including relocating its headquarters to a new building near South Station in Boston, closer to the innovation district.

Full story at The Boston Globe.

Boston.com article here

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