The deal was backed by Ulster Bank.

Founder Des Chambers will stay with the company as an adviser. Enterprise’s Craig Holmes will join Chambers’ board as a non-executive director, while former managing director of Translink Ted Hesketh has been appointed chairman.

Holmes tells GrowthBusiness that Belfast-based Enterprise is looking to grow the business. He says it was an attractive acquisition because it involved a more mature company rather than the VC-driven technology firms Enterprise usually focuses on.

Londonderry-based Chambers, which has a fleet of 105 vehicles, was founded as a taxi firm in 1967 and has 65 staff. Holmes expects the company to generate revenues of £6 million in 2007, after making £4 million in 2006.

BDO Stoy Hayward and Tughans advised the vendor. Mills Selig was legal adviser to Enterprise.