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CHARLOTTE, N.C. — CLT Express Livery of Charlotte closed a deal June 11 to acquire Charleston, S.C.-based transportation provider, Charleston Style Limo.
CLT Express Livery, which in March won the 2018 LCT Operator of the Year Award (31-50 vehicles category), is owned and operated by Jeff and Laura Canady, who also run SC Express Chauffeured Transportation and SC Coach Charters & Tours.
This makes the fifth acquisition in the last eight years for the Canadys. Dubbed the “Southern Triangle,” the CLT Express group of companies has offices and facilities in Charlotte, Aiken, S.C., Augusta, Ga., and Charleston.
Exact terms of the cash purchase acquisition were not disclosed. The deal will bring the CLT Express Livery companies estimated annual revenues of about $5 million to $6 million.
The company will operate under Charleston Style Limo until 2019 when it will be rebranded as SC Express Charleston.
As part of the deal, CLT Express gained three sedans, a Mercedes-Benz S550, a Cadillac XTS, and a Lincoln Town Car; four minibuses, including a Grech and a Krystal; four Mercedes-Benz Sprinter vans; and a Bentley sedan that attracts a consistent wedding clientele. The company also takes over the lease of the facility.
The sale was mediated by Kristen Carroll and Jessica Boulerice of the LMC Group. It was the third acquisition they have handled involving the Canadys and CLT Express Livery.
The CLT Express companies now share a fleet of about 90 vehicles total, which include eight MCI motorcoaches and two mid-sized Temsa coaches. “This acquisition will enable us to move our fleet anywhere in the Southern Triangle in three hours or less making us the largest chauffeured transportation in the Carolinas,” Jeff Canady said in a press release.
He also told LCT: “This fits perfectly with what we do. It’s all about logistics nowadays. We feel really good about this.” Charleston, which sits along the subtropical Atlantic coastline of the southeastern U.S., is a vibrant city with a diversified economic base that includes corporations, a port and maritime industry, tourism, Civil War-era historical districts and attractions including Fort Sumter, and coastal recreation.
Adili started his company with one car, just like Canady did his 20 years ago. Since 2013, CLT Express Livery has grown from 60 to 90 vehicles as a result of acquistions.
Canady said the idea of the sale originated in March 2017 when he met the Adilis at a casino bar while networking during the International LCT Show in Las Vegas.
“We introduced ourselves and I said they could reach out to me if they ever felt like selling,” Canady said. The owners talked again at a later industry event, and in February, the LMC Group contacted Canady about negotiating a deal. He said the Abilis wanted to sell their company to spend more time with their three children.
All employees of Charleston Style Limo remain in place. Stephanie Adili will help for a month with the transition, and her brother, Bruce Hannah, will stay with the company as office and affiliate manager. Jeff Canady will assign his brother, James Canady, to head up the Charleston company as general manager and Michael Cody as operations manager. The local operation will average about 20 vehicles.
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