Glasgow-headquartered TBR Global Chauffeuring has bought London’s
EuroChauffeurs in what is the company’s first acquisition.
TBR said the deal will strengthen its global footprint, bring
new benefits to EuroChauffeurs customers, and marks a significant step in its
global expansion. The value of the deal, funded by working capital, was not disclosed. The EuroChauffeurs brand and all staff are being retained
post-acquisition.
“EuroChauffeurs has a very solid, well-established and
high-end customer list that fits in nicely with TBR’s proposition,” said Craig Chambers, CEO of TBR Global
Chauffeuring.
“We have ambitious growth plans. We’ve done a remarkable job
to grow the business to where it is now, but to take it to the next level we
felt an M&A strategy was important. We continue to look at organic and
geographical growth, but to move forward at pace an M&A strategy was
critical,” he explained.
Chambers added that the company has to date grown
organically and through the diversification of its service lines, expanding
from its origins in financial roadshows into events and the corpororate travel
market.
TBR has acquired a company “with a similar business model to
TBR albeit on a smaller scale”, he added. “We are a managed marketplace and
work with a strong and well-vetted network of affiliate partners varying from independent
operators to small third party organisations.”
Chambers continued: “We’re giving EuroChauffeur clients access to a truly global
provider rather than just quite UK and Europe-centric.” TBR has seven offices globally – having recently opened in Tokyo – and operates in 122 countries. “The deal really opens up that
network [for EuroChauffeur customers] and gives them access to our proprietary technology.”
The company could pursue further mergers, Chambers indicated, as it seeks
both geographical expansion and the strengthening of particular service lines.
“The chauffeur drive market is even more fragmented globally [than TMCs], so it’s long overdue that consolidation should take place. There’s already
been a lot of activity in the last 12-18 months and I can see that continuing
at pace.”