Addison Lee Acquires Flyte Tyme To Boost International Growth

Addison Lee has recently acquired Flyte Tyme, a US executive car firm for $25 million (£20.5 million) to boost its London-based cabbie into one of the largest global chauffeur companies in the world. New Jersey-based Flyte Tyme is the 4th largest executive car operator in the United States with its 375 drivers. The company generated at least $65 million in annual sales last year. With the acquisition of Flyte Tyme, Addison Lee will add airport transfers, event transport services, shuttle services and black car operations to its portfolio.

The deal with Flyte Tyme marks Addison Lee’s 10th acquisition within the last 6 years. The acquisition is part of a strategy intended to boost international growth and to be able to leverage on mobile app in cities outside London. Addison Lee hopes that with the acquisition of Flyte Tyme, it can compete with Uber ride-sharing services, a very stiff competitor in the transport industry.

Last July, Addison Lee acquired Middlesex-based up-market taxi company Tristar that has operations in 80 countries. A year earlier, Addison Lee acquired Cyclone VIP Cars and Couriers that is based in London. In order to strengthen Addison Lee’s existing business in North America, it acquired Flyte Tyme to boost its annual global sales to $400 million.

Addison Lee’s latest acquisition is an important moment for US private equity firm Carlyle Group because of the strong combination Flyte Tyme’s presence in North America with Tristar’s global operations. With Addison Lee’s digital booking platform, Carlyle Group can now be called the leader in ground transportation industry. For the very first time, ground transportation services will be globally managed from a single platform.

To think that Addison Lee started only from one car owned by ex-cabbie John Griffin in 1975 to grow into a fleet of more than 4,800 in Central London. 10 million passengers enjoy the services provided by the firm as they travel across the capital.

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