London-based private taxi firm Addison Lee has acquired rival Tristar as it looks to expand operations in the US and Asia markets.
The financial details have not been disclosed but the deal is reported to be around £30 million.
Addison Lee’s purchase of Tristar, which has revenues of around £50 million, has created Europe’s largest executive car service.
Tristar already operates the largest executive car fleet in the UK and together with Addison Lee’s fleet, the combined operation will have around 1,000 premium vehicles globally.
Addison Lee CEO Andy Boland expects the company to experience strong growth in the next few years. “There will be significant growth in the executive car market following the 15 per cent jump in volumes we saw in 2015.
“With Tristar, we will be able to take our service to the next level and into new markets around the world. For the customers of both companies this means a better and more efficient experience and a global service.”
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