
Carlyle's Addison Lee acquires Octopus-backed Tristar
Carlyle Group-backed UK executive car hire company Addison Lee has acquired Octopus Ventures portfolio business Tristar Worldwide Chauffeur Services.
Since Octopus first invested in Tristar, the business has undertaken an international expansion strategy and now operates in 80 countries.
The transaction is part of Carlyle's international growth strategy for Addison Lee, having acquired a majority stake in the company in April 2013. The original acquisition of Addison Lee was widely reported to be worth almost £300m.
Previous funding
Octopus first invested in Tristar in 2008, contributing £4.8m to the company's £9.75m management buyout.
Company
Founded in 1978 and headquartered in West Drayton, Middlesex, Tristar provides a chauffeuring service to both airline and corporate customers. The company generates revenues of £50m and has a headcount of 200 with operations in the US, Asia, the UK and continental Europe.
Upon completion of the deal, the combined business will have a team of around 800.
People
Octopus Ventures – Jane Vinson (portfolio director).
Addison Lee – Andy Boland (CEO).
Tristar – Dean de Beer (CEO).
Advisers
Company – Cavendish Corporate Finance, Jonathan Buxton (corporate finance).
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