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This latest addition to the Addison Lee Group follows the acquisition of executive car service company Tristar Worldwide last June. The combined Addison Lee Group will operate across North America, Europe, and Asia, and have a total turnover of nearly $500 million.
Addison Lee CEO Andy Boland said in a press release: “This is an important moment for the executive car industry. Flyte Tyme has deep expertise and an extensive affiliate network in the United States. By combining Flyte Tyme’s North American presence with Tristar’s global operations and Addison Lee’s digital booking platforms, we can now truly lead the ground transportation industry providing, for the first time, global managed ground transportation services through a single platform."
Founded in 1979, Flyte Tyme is based in Mahwah, N.J., and has a turnover of $65 million. Flyte Tyme has 525 staff including 375 chauffeurs. The company has a long established reputation for the highest customer service standards and reliability, and it has won numerous industry awards. Flyte Tyme is the USA’s fourth largest operator of executive cars, and will bring to Addison Lee Group’s U.S. portfolio airport transfers, events transport services, shuttle services, and black car operations. After the acquisition, Addison Lee Group’s combined US fleet will have more than 400 premium vehicles in North America, and more than 17,000 executive cars through affiliate partners.
Addison Lee Group’s North American businesses will be run by Flyte Tyme Worldwide Transportation CEO Timothy P. Rose. Rose, who will serve as CEO of Addison Lee North America, said in a press release: “We feel Addison Lee and Flyte Tyme are a perfect match, since both firms strive to provide and deliver the highest quality ground transportation in their respective marketplaces. Through this acquisition, we will be able to leverage our combined technology and client service capabilities to deliver a truly global service for our clients.”
In a January 2016 LCT Magazine profile of Flyte Tyme, CEO Tim Rose said he planned to double the size of the company in five years. That timetable was slashed to a year as Addison Lee purchased the Mahwah-N.J.-based company Jan. 2.
“After 30 years we have reached the pinnacle of success and it will be fun to be part of a bigger company and more opportunities in the future,” said Rose, who will serve as CEO of Addison Lee North America.
Rose told LCT the deal unfolded after Addison Lee entered the New York market a few years ago to establish a U.S. presence and discovered that Flyte Tyme was a dominant player in the region. “We started to do affiliate work with them and as they learned more and more about our company, they sought us out to purchase," he said.
In addition, Rose said Addison Lee was impressed with Flyte Tyme’s new state-of-the-art 50,000-square-foot-facility, its emphasis on technology, and solid staff. “They liked our strong management team and also the fact that we hired the former CFO from Hertz to round out our team. In Europe, Addison Lee has 300,000 app users and provides any flavor of service—on demand, near time, and pre-arranged. They spend $20 million a year on technology. That’s mind boggling.”
The Flyte Tyme acquisition is the latest step in Addison Lee’s global growth strategy. In June 2016, Addison Lee, which is owned by US private equity firm The Carlyle Group, acquired executive car service Tristar Worldwide which operates in 80 countries worldwide. Addison Lee has also expanded its operations to cities around the United Kingdom, which are now bookable on the Addison Lee app.
Addison Lee Group will have a particularly strong presence in New York City, which has the world’s second largest corporate ground transportation market worth $1.5 billion, where it brings together Addison Lee car services with Flyte Tyme operations and Tristar’s award-winning chauffeured limousine service.
Boland added: "Our customers value our combination of the highest quality executive services with seamless, modern booking platforms. With the acquisition of Flyte Tyme, Addison Lee Group becomes the world’s leading provider of executive car services so our global customers can take advantage of our quality, reliability and service almost anywhere in the world they want to book a car.”
Founded in Battersea in 1975, Addison Lee is Europe’s largest private hire car service company. Addison Lee is trusted by its customers to provide an exceptional service through innovative technology combined with standout service from experienced driver and customer service teams 99% on-time record across 10 million journeys per year. Most of its customers rate Addison Lee 5 out of 5 for passenger experience. 24/7 customer support is always available phone, email, and social media. Customers can book by app, phone, and web, and can book in advance.
Addison Lee drivers are handpicked; only one in four meet its rigorous selection standards. Frequent customers enjoy priority service and membership in a customer loyalty program, ClubLee. Customers also benefit from off peak fares which are 30% less from typical peak pricing.
Flyte Tyme Worldwide Transportation, headquartered in Mahwah, N.J., with offices in New York City, Princeton, Stamford CT, Los Angeles, CA, and San Francisco, CA, operates 425 vehicles throughout the Flyte Tyme Service Area of New York, New Jersey, Pennsylvania, Connecticut, and California. Flyte Tyme is the sixth largest global limousine transportation provider and has a network of affiliate service providers in more than 350 cities worldwide.
Sources: Addison Lee press release; Tom Halligan, LCT
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