Slowly but surely venture capitalists and investment companies are making bids for (large) taxi companies. The largest Scandinavian taxi company Cabonline, based in Stockholm, is in the hands of London investment fund HIG and London-based international private hire company Addison Lee is owned by Carlyle Group. Both HIG and Carlyle are trying to sell the taxi and private hire company. Addison Lee was rumoured to be worth 1 bn. dollars.
One recent transaction stayed under the radar: on October 12, 2018 “funds advised by Triton” signed an agreement to acquire the companies commonly referred to under the brand brand name Dantaxi 4×48. Terms of the transaction were not disclosed. In January 2019 Triton completed the acquisition.
Dantaxi 4×48 is a Danish taxi company created through the merger between Dantaxi and 4×48 TaxiNord in January 2017. Dantaxi 4×48 is the largest taxi company in Denmark with more than 1,600 taxis and nationwide coverage.
“We want to support the management and employees of Dantaxi 4×48 by investing in and supporting the growth and development of the company. We look forward to working together with the management team and the Board of Directors in building a stronger company”, said Peder Prahl, Director of the General Partner for the Triton funds in October.
“During the last five to seven years, our growth strategy has resulted in Dantaxi 4×48 becoming the largest taxi company in Denmark and the only taxi operator with national coverage. We have established the infrastructure, technology and capacity to offer drivers anywhere in Denmark an optimal platform for their business to thrive. Backed by Triton’s financial strength, experience and competencies, we will accelerate our efforts to build a true market leader and a front-runner in the professionalization of the industry”, said Carsten Aastrup, CEO of Dantaxi 4×48, also in October.
“The on-going de-regulation of the Danish taxi market is reshaping the industry, and Dantaxi 4×48 is well-positioned to expand and leverage its leading position in this growing market. Demand for flexible transportation is on the rise, and we expect the industry to grow with a larger fleet of taxis and an increased focus on digitalization to the benefit of customers. Triton will contribute with active and focused ownership aiming to create long-term value for Dantaxi 4×48 based on our experience driving operational improvements and industry consolidation to ensure long-term competitiveness”, Oscar Mosgaard, Senior Industry Expert at Triton, commented last year.
“The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe, focusing on businesses in the Industrial, Business Services and Consumer/Health sectors”, the company added in January 2019.
“Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth. The 38 companies currently in Triton’s portfolio have combined sales of around € 13.1 billion and around 85,000 employees.”
“The Triton funds are advised by dedicated teams of professionals based in Germany, Sweden, Norway, Finland, Denmark, Italy, the United Kingdom, the United States, China, Luxembourg and Jersey.”
- Is the taxi industry nowadays of interest to an increasing number of investment companies? Investor Triton completed the acquisition of Dantaxi 4×48 in January.