TRANSDEV PLC ACQUIRES CABFIND.COM
Transdev PLC acquires Cabfind.com to drive UK transport expansion
Cabfind.com, the transport on demand specialist, has been acquired for an undisclosed sum by Transdev PLC, one of the world’s biggest transport operators, as part of a wider strategy to expand further into the UK transport industry.
Cabfind.com, which is headquartered in Birkenhead, Wirral, is now a wholly owned subsidiary of Transdev PLC.
Set up by local brothers Chris and Tim Jordan in 2005, the family run business has developed a technology enabled transport-on-demand service. Cabfind.com provides managed transport services to more than 120 corporate accounts across the public and private sector via private hire cars and coaches on its impressive UK wide network of 140,000 vehicles, operated by 2,300 approved suppliers.
Transdev is a multinational passenger transportation business, located in 20 countries across five continents, with €6.6 billion of revenues in 2013. Transdev operates private and public transport businesses, moving more than three billion passengers worldwide per annum through its rail, tram, private hire and bus operating companies.
In the UK, Transdev is a major passenger transport company employing 1,200 staff, operating deregulated bus services in the North of England, aircrew transport services through its Heathrow based CCH subsidiary, and private hire services in London through its greentomatocars and Trident Niven operations. Integrating with Cabfind.com will eventually create a virtual fleet made up of 140,000 private hire vehicles, coaches and buses, all available on the phone, at the click of a mouse or at the tap of an app.
For Cabfind.com, with its £17 million turnover in 2014, the deal brings inward investment to the UK and will help Cabfind.com to realise its accelerated growth potential and act as the springboard to its ambitious global expansion plans.
Chris Jordan, managing director at Cabfind.com, said:
“The taxi market sector is in an profound state of change, not just in the UK, but throughout the world; in the main brought about by improved technology. In Transdev, we have found a partner which match our ambitious vision of the future for ‘transport-on-demand’ services. This involves working in collaboration with existing taxi and private hire operators, and will enable a fast-track roll out of the five year plan to take Cabfind.com into the consumer space and across the European and American markets.”
“As a family run business based in Wirral, Cabfind.com is proud to bring inward investment to the region and secure current and future jobs for our community.”
Nigel Stevens, CEO Transdev UK and Ireland, said:
“Cabfind.com has an unmatched supplier network across the UK and the team has shown that it is committed to delivering ‘transport-on-demand’ services to an impressive client list. We look forward to working with the board to realise the ambitious roll out and further developing the brand across our global network.”
Cabfind.com were advised by Sue Russell of Hill Dickinson, Gordon Lane and Andrew Stubbs from Seneca Partners Corporate Finance Team.
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