Boston-area operator Johnny Greene has at least five reasons to smile in six years; he just bought his fifth limousine operation, growing his eastern New England operations to 68 vehicles, 115 employees, and estimated annual revenues of $8 million.
RANDOLPH, Mass. — ETS International owner and founder John Greene recently bought his fifth limousine operation in six years in an ongoing expansion of his New England chauffeured services.
ETS, based in Randolph and Warwick, R.I., closed a deal May 1 to buy the Platinum Coach of Westwood, Mass., a five-vehicle operation. ETS will absorb three of the vehicles, bringing its total fleet count as of today to 68 chauffeured vehicles, Greene told LCT.
The transaction was an asset purchase which includes Platinum’s customer list, website, and access to all its corporate business. As part of the “earn out deal,” ETS will pay seller and former Platinum owner William Costigan an amount based on three months revenue that he maintains, Greene said. Costigan will stay with Platinum during a six month transition period where the company will be absorbed into ETS.
The sale came about after Costigan contacted Greene and said he wanted to sell so he and his family could move to Florida for other life pursuits. “He’s moving out of state, business is difficult with long nights, and he was driving a lot himself,” Greene said. “He gave me a call and we worked out a deal.”
With this purchase, ETS International has projected annual revenues of $8 million. Two chauffeurs from Platinum have joined the ETS staff. The company now has 26 full-time office employees and 89 full-time chauffeurs.
Platinum also brings a prestigious list of clients to ETS, including Liberty Mutual Insurance, IBM, Linden Ponds and Harvard Pilgrim Insurance.
Since 2007, Greene has bought Homesafe Coach, All-Star Limousine in Kingston, Mass., Cape Cod Transportation, and Eric Tonkonogy’s Exceptional Limousine in December 2011. Exceptional Limo was formed six years ago by Tonkonogy, and in that time has emerged as one of the Boston-area’s leading providers of transportation services for the wedding, concert and ”night-on-the-town” clientele.
ETS International’s service now spans from southern New Hampshire, to eastern Massachusetts, including Boston and Cape Cod, and down to greater Rhode Island.
— Martin Romjue, LCT editor