Carlyle Enters Car-For-Hire Feeding Frenzy by PitchBook
European car service Addison Lee, a portfolio company of The Carlyle Group, has acquired Tristar Worldwide, a competing operator of premium car services. The deal is valued around £30 million, according to a report from The Wall Street Journal, and increases Addison Lee’s ability to present itself as a more business-focused alternative to Uber, Lyft and their ridesharing rivals.
Currently, Addison Lee boasts a fleet of 4,500 vehicles and drivers in the U.K. serving 23,000 clients, including many at Fortune 500 companies. The Tristar addition allows the company to expand its private-car business beyond British borders; according to Addison Lee, the merged business will have nearly 1,000 company-owned vehicles worldwide and will become Europe’s largest executive car service. And ridesharing competitors aren’t exactly putting a dent in Addison Lee’s business. The company’s CEO, Andy Boland, said the executive car market saw a 15% uptick in 2015 volumes.
At the 2021 SALT New York conference, which was held earlier this week, one of the panels on the main stage discussed the best macro shifts coming out of the pandemic and investing in value amid distress. The panel featured: Todd Lemkin, the chief investment officer of Canyon Partners; Peter Wallach, the managing director and Read More
Carlyle first invested in Addison Lee during 2013, while Octopus Ventures had backed Tristar since 2008.