
EdRIP's Chabé buys Service Affaires
French car hire business Chabé Limousines, a portfolio company of Edmond de Rothschild Investment Partners (EdRIP), has wholly acquired competitor Service Affaires.
EdRIP did not inject any new equity to finance the acquisition, which was partly funded by loans from Oseo, BNP Paribas and Caisses d'Epargne Ile-de-France.
The GP invested €5m in Chabé in June this year, with a view to help the company diversify its activities and expand into new regions.
Founded in 1921, Chabé Limousines specialises in luxury taxi services. Initially focused on the short-term market, it has also expanded into long-term taxi hires. The Nanterre-based firm operates out of Paris, Lyon, Marseille, Cannes, Toulouse, Biarritz and Deauville.
Service Affaires operates in the same sector, but with a particular focus on long-term hires. Chabé Limousines posted a €22m turnover for 2010, while Service Affaires generated revenue of €9.1m.
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