Addison Lee buys chauffeur and courier rival Cyclone
Addison Lee has strengthened its market-leading position in the London private hire sector with the acquisition of established operator Cyclone VIP Cars & Couriers.
Cyclone was formed in 1985 and has about 100 drivers. It is a high-end chauffeuring firm, with a fleet of Mercedes-Benz S-Class and Viano cars, as well as a substantial courier operations including vans, motorbikes and pushbikes.
No financial terms were disclosed on the deal, which was the ninth buyout for the taxi operator in five years. The move comes after Addison Lee announced a rebrand of its WestOne subsidiary, whose fleet of Toyota Hybrids now carry AddLee Eco logos. Addison Lee also made 90 members of back-room staff redundant earlier this year as part of corporate restructuring.
“We are very pleased to announce Addison Lee’s acquisition of Cyclone - a company that, like ourselves, prides itself on offering customers a premium service alongside assured performance,” said Addison Lee chief executive Liam Griffin.
“Following the launch of Addison Lee Eco and rollout of complimentary 4G Wi- Fi across our fleet this acquisition further demonstrates our continued investment to deliver best-in-class experiences for our customers.”
Private equity firm Carlyle Group bought a controlling stake in the company in 2013 for £300 million pounds, but pulled out of a deal to sell Addison Lee on to Singapore-based public transportation operator SMRT Corp Ltd late last year.