Established in 2004 by Andrew Valentine and Brett Akker, Streetcar has approximately 50,000 members and is to operate under the Zipcar brand as the US company seeks to expand its presence in Europe. Akker and Valentine, who received £6.4 million in funding from Smedvig Capital three-years ago, will take up senior positions within Zipcar.
Scott Griffith, chairman and CEO of Zipcar, says the deal will bring together more than 400,000 members of both businesses. ‘In the longer term, when considered along with our investment in the largest car sharing company in Spain in late 2009, this transaction gives us a very strong base from which to expand to additional European markets.’
At the tail end of last year, Valentine told M&A that he was pleased with how fast the company was growing. ‘We have very ambitious plans to grow to 250,000 members by 2012 and are looking at international expansion into 40 new markets,’ he said.