ADDISON LEE, EUROPE’S LARGEST CAR SERVICE, ACQUIRES TRISTAR’S $75 MILLION BUSINESS TO CREATE A MAJOR INTERNATIONAL CHAUFFEUR SERVICE
28 Jun 2016
THE COMBINED BUSINESS PROVIDES CAR SERVICES IN USA, ASIA AND EUROPE
Addison Lee, Europe’s largest car service has acquired East Coast and global chauffeur transportation service, Tristar Worldwide, creating a major international operator of premium car services.
Addison Lee Chief Executive Officer, Andy Boland says, “This is a major landmark for our business. 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 USA, Asia, UK and continental Europe, Addison Lee is now a significant global operator of chauffeured transportation services. Addison Lee 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 is a significant provider of chauffeured transportation in the USA with a focus on the meetings, events and roadshow markets. Together with its affiliate network it has access to over 10,000 vehicles throughout the Americas. Tristar operates the largest premium car fleet in the United Kingdom. Tristar and Addison Lee’s combined fleet will have almost 1000 company owned, premium vehicles around the world, becoming the undisputed 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 over 35 years of heritage 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.
Andy Boland, CEO, Addison Lee, adds: “There will be significant growth in the executive car market following the 15% jump in volumes we saw in 2015. 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 says: “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. I am proud of what we have achieved so far and excited about the next chapter for Tristar.”
Jane Vinson of Octopus Ventures, who backed Tristar Worldwide in 2008 says: “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.”
For more information please contact:
Alessandra Bell (Media Zoo) +44 (0)20 7384 6980 / +44 (0)7592 411763
Feisal Ali (Media Zoo) +44 (0)20 7384 6980 / +44 (0)7855 958885