BC Partners plan on growing the business through enhancing CarTrawler’s already impressive track record in assisting its partners in the travel industry provide seamless car rental functionality, as well as through expanding CarTrawler’s presence across international markets.
DUBLIN & LONDON – Funds advised by BC Partners, a leading European private equity firm, have reached an agreement to acquire a majority stake in car rental technology platform CarTrawler from the Company’s founders, other individual shareholders and ECI Partners. Insight Venture Partners is co-investing in the business by acquiring a minority stake, whilst the management team will be retaining a significant shareholding. Completion of the deal is subject only to competition clearance formalities. Terms of the deal are not disclosed.
Based in Dublin, CarTrawler is the leading global provider of multi branded car rental solutions to partners in the travel industry, including airlines, OTAs and other online travel related operators. It has over 1,000 partners, connecting end customers to more than 1,200 suppliers across 30,000 pickup locations. It also operates online car rental sites under the Holiday Autos and Argus Car Hire brands.
BC Partners plan on growing the business through enhancing CarTrawler’s already impressive track record in assisting its partners in the travel industry provide seamless car rental functionality, as well as through expanding CarTrawler’s presence across international markets.
Today’s announcement follows on BC Partners’ successful investment in Amadeus, a leading airline booking technology business in 2005.
Mike McGearty, CEO of CarTrawler, said: “I am delighted that we have found new partners in BC Partners, given their considerable experience in developing technology and travel related businesses. They have an impressive track record in helping businesses to grow, internationalise and develop to their full potentia We look forward to working closely together with them over the coming years.”
Matthew Tooth, Senior Partner at BC Partners, said: “We are very excited to be partnering with the management team at CarTrawler, with a view to fully maximising the company’s growth potential on a global scale. CarTrawler offers a truly unique proposition to its online travel partners, enabling them to optimise the revenue potential from car rental through offering end customers access to an unrivalled breadth of rental options across many suppliers. For suppliers, CarTrawler facilitates access to many distribution channels that would otherwise not be available. CarTrawler’s management team has been truly visionary in building the technology platform and developing its commercial acumen; we look forward to helping them grow the business further.”
Nikitas Koutoupes, Managing Director at Insight Venture Partners, said: “CarTrawler has been very successful in supporting their partners with proven technology, a broad supplier network, and dedication to customer service. We look forward to working with BC Partners and management to broaden CarTrawler’s market reach and further enhance its reputation as the best in class service provider in the market”.
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