Fri, 27 Mar 2020 | BUSINESS SALE
Addison Lee Group, London’s biggest private care hire operator, has been acquired by a consortium of investors led by its former director Liam Griffin and Cheyne Capital. Addison Lee’s former owner, The Carlyle Group, reached an agreement to sell the company last month.
The long-term funding deal will see the company receive at least £41 million of new investment, while a portion of its existing £230 million debt will be converted into equity, with the balance written down.
Through the acquisition, Cheyne Capital will become Addison Lee Group’s largest shareholder, while Liam Griffin, who was previously a non-executive director and shareholder at the company, returns as CEO, replacing the outgoing Andy Boland, who has held the post for the last four and a half years.
A spokesperson for the company said regarding the investment of new capital into the business: “This will provide the business with additional funding and an appropriate capital structure to enable further growth, investment and support cash generation”.
Addison Lee Group registered revenue of close to £390 million in 2019, an increase from £225 million for year ending August 2013, the year it was taken over by The Carlyle Group.
However, the group’s reported losses also increased last year, jumping to £39 million in 2019 from £20.8 million the year before, as it felt the strain of increased competition in the ride-sharing market.
Addison Lee has said that the new consortium will be focused on consolidating its position in the core London-centric market.
Find businesses for sale here.
If you are looking for an exit, we can help!
Well established and reliable. Industry knowledge and experience. Dedicated and professional staff in place. The business for sale specialises in keeping belongings safe. Customer-focused and highly reliable, the company work to provide professional...
Very successful business based within an industrial estate in Milton Keynes. There is a new residential estate being built and the business is 3 miles from central Milton Keynes. This business was established by the Owner’s in 2011 and the Owners are...
Outstanding opportunity to acquire very well established & highly regarded independent business offering bespoke professional services to suit all budgets from extremely well fitted freehold premises with adjoining florist outlet in excellent commerc...
More than half of off-license retailer Oddbins’ stores...
Tile retailer Topps Tiles has agreed the £18.1 million...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources