The Carlyle Group Invests in Addison Lee, the private hire and transport services provider
Carlyle joins the founders to support future growth of the business
Global alternative asset manager The Carlyle Group (NASDAQ: CG) has today announced it has made a significant investment in Addison Lee, a long-established player and well- known brand in the transportation and private hire services in London and the South East of England.
Capital for this investment will come from Carlyle Europe Partners III L.P., a 5.4billion Euro fund that makes mid and large cap investments. Terms of the transaction were not disclosed.
Founded in 1975 with one car, Addison Lee has grown to a fleet of over 4,500 vehicles. Today, Addison Lee has a significant, established footprint in private hire services across London carrying over 10 million passengers and couriering 1 million deliveries per year.
The focus for Carlyle’s investment in Addison Lee will be to drive business expansion both in the UK and internationally by providing transport services to a wider range of blue chip corporates and individual customers. This will be achieved by enhancing customers’ access to the company’s extensive fleet and significant new innovations in the company’s proprietary technology platforms and brand experience.
Andrew Burgess, Managing Director of Carlyle Europe Partners added:
Addison Lee is a strong business and brand with great potential. As experienced investors in the automotive and transportation sector through companies such as Applus+, Hertz and RAC, we hope Carlyle’s experience and expertise will allow us to support the plans to continue growing the business both in the UK and internationally and to create value.
Commenting on the investment, Liam Griffin, Managing Director of Addison Lee said:
We are delighted to welcome Carlyle to the Addison Lee family. From humble beginnings almost 40 years ago, Addison Lee has grown to become a well-known brand, valued for its customer service and innovative technology alike. We are excited about this investment, which provides the endorsement and backing of one of the world’s largest investment firms and provides a platform for Addison Lee’s continued future growth.
Carlyle was advised on the transaction by Deloitte, OC&C and Latham & Watkins. Addison Lee was advised by Catalyst Corporate Finance and Joelson Wilson.
The Carlyle Group
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