CarTrawler, an online car rental service provider, plans to enter emerging markets in Asia and Latin America, and grow through acquisitions following an investment from private equity firm ECI.
CarTrawler, an online car rental service provider, plans to enter emerging markets in Asia and Latin America, and grow through acquisitions following an investment from private equity firm ECI.
As part of the deal, a number of changes have been made to CarTrawler’s management. Chief operating officer Mike McGearty has been made chief executive of the company, Richard Prosser, a former divisional managing director at TUI Travel, joins as chairman, and Chris Watt, director at ECI, will become a board member.
The investment amount has been not been disclosed; however, a statement from ECI says the funding will be used to enable the Dublin-based business to grow through acquisitions. The statement adds that ECI expects CarTrawler to increase its market share in current markets as well as ‘tap into fast-growing emerging markets such as Asia and Latin America where online travel bookings continue to show strong growth’.
Greg and Niall Turley founded CarTrawler in 2004. The pair will retain non-executive director and executive director roles respectively in the business and remain as investors. The company’s technology enables consumers to seek quotes and purchase car rental agreements both directly with suppliers and through third-party websites. The business has offices in Dublin, Ireland, and Seattle, US, and operates in 29 languages.
The deal is ECI’s third in three months following investments in Reed & Mackay and Fourth Hospitality.
