LONDON, U.K. -- Addison Lee
, Europe’s largest car service, has acquired London and Boston-based Tristar Worldwide Chauffeur Services
, creating a major international operator of premium vehicle services.
“This is a major landmark for our business," Addison Lee CEO Andy Boland
said in a press release. "Our customers will benefit from access to the best chauffeured car service in the world. Coming together with Tristar means our shared ethos and commitment to quality, service and reliability can be expanded globally.”
With Tristar’s operations in the U.S., Asia, UK and continental Europe, Addison Lee is a significant global operator of chauffeured transportation services. Addison Lee, owned by Carlisle Group, is a British company that operates a premium car service in London, with 23,000 business clients including many Fortune 500/FTSE 100 companies. It has a fleet of over 4,500 vehicles and drivers, and 800 staff dedicated to customer service. Addison Lee’s vehicles are an iconic sight and trusted brand in London.
Tristar, which operates the largest premium car fleet in the U.K., also provides chauffeured transportation in the U.S., focusing on the meetings, events and road show markets. Together with its affiliate network, it has access to over 10,000 vehicles throughout the Americas. Tristar and Addison Lee’s combined fleet will have almost 1,000 company owned, premium vehicles worldwide, becoming a market leader in the chauffeured transportation market.
The acquisition fulfils both companies’ strategy to focus on the premium end of the market and increase the availability of high quality car services to customers. There is strong demand for executive car services, particularly on a trans-Atlantic basis, which means the combined business is well-positioned for growth.
Tristar has global revenues of $75million, more than 200 staff, and over 450 chauffeurs. It has operated for more than 35 years and has a reputation for being one of the most trusted brands in the industry. The Tristar brand will continue to be bolstered by Addison Lee’s substantial fleet, 23,000 business customers, and market leading technology.
“There will be significant growth in the executive car market following the 15% jump in volumes we saw in 2015," Boland said. "With Tristar, we will be able to take our service to the next level and into new markets around the world. For the customers of both companies, this means a better and more efficient experience and a global service.” Mike Fogarty
, CEO, Tristar Worldwide/Americans, said in a press release: “Both Addison Lee and Tristar are market leaders in their respective sectors with long standing reputations for service, quality and reliability. When we set out to look for a partner with whom we can grow and take our business to the next level, Addison Lee was the obvious choice.”
Jane Vinson of Octopus Ventures, who backed Tristar Worldwide in 2008, said in a statement: “Having worked with Dean and the wider Tristar team since 2008, we are delighted that today they have been acquired by Addison Lee, and combined they now make up the largest executive car service in Europe. The team have achieved impressive international growth and customer contracts in the time we've worked together, so today marks an exciting next step. We wish them every success.”
Source: Addison Lee press release