ComfortDelGro subsidiary snaps up Addison Lee as part of £269 million acquisition
Global transport giants ComfortDelGro Corporation Limited has announced the acquisition of Addison Lee by its UK subsidiary, CityFleet Networks, for £269.1 million.
Addison Lee, known for its private hire, courier, and black taxi services in London, will enhance ComfortDelGro’s reach in the UK mobility market. The move adds 7,500 drivers and 5,000 vehicles from Addison Lee’s London network to CityFleet Networks’ existing fleets, which already operate in cities like Liverpool, Chester, and Aberdeen.
This acquisition marks a significant step in ComfortDelGro’s UK expansion. The Group already provides pre-planned and on-demand ground transport services through CityFleet and its recently acquired business, CMAC. ComfortDelGro also owns Metroline buses in London, Adventure Travel in Wales, and operates Megabus and Citylink coach services across the UK and Ireland.
Liam Griffin, who led a consortium that guided Addison Lee through the pandemic and returned it to profitability, will remain at the helm, ensuring continuity and driving future growth.
With this acquisition, ComfortDelGro’s global taxi and private hire network now exceeds 34,000 vehicles. Jefferies International acted as the financial advisor on the deal, with legal counsel from Linklaters LLP.
Liam Griffin, CEO of Addison Lee, said: “Over the last four years, ComfortDelGro has demonstrated its deep knowledge of the business, and a clear understanding of our customers’ and drivers’ needs. This, alongside the strength and heritage of the Addison Lee brand, has positioned us perfectly for further expansion into the premium segment. ComfortDelGro is a perfect complementary fit for us. They share our philosophy, vision, and ambition for the Addison Lee brand and bring significant international industry expertise to the business.”
Cheng Siak Kian, ComfortDelGro’s Managing Director / Group CEO, said: “Addison Lee is an established leader in serving the differentiated premium segment in London. Beyond expanding our footprint in the UK, this acquisition will enable us to use Addison Lee’s expertise to deepen and scale our premium point-to-point capability globally. It will also strengthen our overall point-to-point proposition, creating strong synergy with our existing businesses.”
Mark Greaves, ComfortDelGro Chairman, said: “This acquisition is in line with our strategy to expand the Group’s point-to-point mobility portfolio. We will use Addison Lee’s strong brand, customer base and reliable premium driver network to continue creating great journeys for our customers and the communities we serve – a commitment that we hold true across our businesses. With 90 percent of their existing fleet already made up of cleaner energy vehicles, this will help accelerate our fleet transition journey.”
