US private equity firm Carlyle invests in UK minicab operator Addison Lee

US private equity firm Carlyle Group LP (NASDAQ:CG) said it had made a substantial investment in UK minicab company Addison Lee Plc, without disclosing the terms of the deal.

Reuters cited an insider as saying that Carlyle took a significant majority stake in the UK firm in exchange for an investment worth some £300m ($457m/€351m).

With this move, financed with capital from the €5.4bn ($7.1bn) fund Carlyle Europe Partners III LP, the private equity firm aims to help Addison Lee’s growth in the UK and internationally, it said. As part of the expansion strategy, Addison Lee will innovate its proprietary technology platforms and brand experience, while increasing access to its extensive fleet for customers, Carlyle explained.

Active since 1975, the UK firm has built a fleet of more than 4,500 vehicles, carrying over 10m passengers and couriering one million deliveries annually.

Deloitte LLP, OC&C and Latham & Watkins LLP acted as advisors to Carlyle. Addison Lee’s advisors were Catalyst Corporate Finance and Joelson Wilson.