Addison Lee has been acquired by global alternative asset manager The Carlyle Group for a fee of £300 million.
Set up by John Griffin in 1975, Addison Lee has expanded to possess a fleet of 4,500 vehicles and services a reported 10 million passengers in London a year.
By buying Addison Lee, Carlyle will now drive the company’s expansion in the UK and internationally by enhancing customers’ access to the firm’s fleet.
Liam Griffin, managing director of Addison Lee, comments, ‘From humble beginnings almost 40 years ago, Addison Lee has grown to become a well-known brand, valued for its customer services 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.’
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The transaction has been made using Carlyle Europe Partners III, a €5.4 billion fund with a mandate for mid- and large-cap investments.
Andrew Burgess, managing director of Carlyle Europe Partners, adds, ‘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.’
