Operations

Two Florida Operations Call Off Big Merger

Posted on November 14, 2018
Olympus Limo and Signature Transportation Orlando may be going in different directions, but they'll still be working together along Florida's busy I-4 business and tourism corridor. (Flickr.com photo by Doug Kerr)
Olympus Limo and Signature Transportation Orlando may be going in different directions, but they'll still be working together along Florida's busy I-4 business and tourism corridor. (Flickr.com photo by Doug Kerr)

TAMPA / ORLANDO, Fla. — Two months after announcing a merger spanning two of Florida’s largest cities, Olympus Limo of Tampa Bay and Signature Transportation Group in Orlando rescinded their pending deal but will continue working together as friendly regional affiliates.

Both companies in the past week issued complementary press releases that cite bad timing and other undisclosed reasons during the final stages of the merger process.LCT merger article here

“We had been in discussions for over nine months on how to make this seamless and equitable for both companies. Unfortunately, the timing is not right for the merger to become a reality,” said Ted Koutsos, CEO of Olympus Limo, in a statement.

“During the finalization of the due diligence and integration process, it was decided not to proceed combining Olympus Limo with Signature Transportation Orlando,” said a press release sent by CEO Gregg Moulton of Signature Transportation Orlando.

Signature Transportation Group believes it is best positioned in the Tampa market to buy new premium vehicles and use current and new hires to build a brand consistent with that of Chicago and Orlando, the release stated. Its expansion in the Tampa area will allow it to “provide the superior customer experience tailored for every client in both markets Orlando and Tampa,” according to the release. The company will leverage its client bases in Chicago, Orlando, and Tampa in growing its service.

“Olympus Limo and Signature Transportation Group will continue operating as trusted affiliate partners servicing the needs of Central Florida,” the Olympus press release stated. “Both companies provide superior service to their clients, follow duty of care, and offer new premium vehicles. This shared corporate culture will continue to be the catalyst for success between the two companies.”

Olympus Limo started in 1996 and has grown into one of the largest luxury transportation providers along the West Coast of Florida, providing all types of vehicles from sedans to motorcoaches. In addition to Olympus, the company also runs La Liberty Sedan & Limousine and All Access Transportation in the Tampa Bay market. The company also will further develop its worldwide affiliate relationships, using technology to improve efficiencies and improve client experiences.

Signature Transportation Group was founded in 2014 and is becoming one of the market leaders in the premium luxury market offering ground transportation in Chicago, Orlando, and Tampa. The company is operating a diverse premium fleet of more than 140 vehicles and has more than 180 employees and chauffeurs.

Sources: Olympus Limo and Signature Transportation press releases

Related Topics: business deals, Florida operators, mergers & acquisitions, Orlando, Tampa Bay operators

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