ComfortDelGro subsidiary acquires Addison Lee for £269.1M, expanding in UK premium mobility market

SINGAPORE: ComfortDelGro Corporation announced on 23 October that its wholly-owned subsidiary, CityFleet Networks, has acquired Addison Lee, London’s leading premium private hire, courier, and black taxi provider, for £269.1 million (US$461.2 million). The deal marks ComfortDelGro’s return to the London taxi market, as it includes ComCab, the black taxi company that ComfortDelGro had sold to Addison Lee in 2021. Founded in 1975 by Sir John Griffin, Addison Lee was previously owned by his son, Liam Griffin, and Cheyne Capital. The acquisition is viewed as a strategic move to bolster ComfortDelGro’s capabilities in the premium mobility sector, both within the UK and globally.

ComfortDelGro Re-enters London's Taxi Market with Strategic Acquisition

The group in a statement said the deal will "serve as a catalyst for ComfortDelGro C52’s expansion into an attractive premium mobility market, strengthening its overall point-to-point proposition in the UK and globally." Following the acquisition, Addison Lee’s fleet of 7,500 drivers and 5,000 vehicles will be integrated into CityFleet Networks' existing operations in the UK. This merger is expected to boost ComfortDelGro's global taxi and private hire vehicle count to more than 34,000. ComfortDelGro currently operates CityFleet Networks in various UK locations and provides ground transportation services for businesses, including private and ride-share transfers to airports, train stations, and ports through its recently acquired CMAC business. Cheng Siak Kian, CEO of ComfortDelGro, commented on the acquisition: “Beyond expanding our footprint in the UK, this acquisition will enable us to leverage Addison Lee’s expertise to deepen and scale our premium point-to-point capability globally.” Cheng also underscored that the acquisition aligns with the group's long-term strategy to grow its presence in premium mobility markets.

Addison Lee CEO Liam Griffin Praises Acquisition, Citing Strong Synergy with ComfortDelGro

Liam Griffin, CEO of Addison Lee, expressed his enthusiasm for the acquisition, noting that ComfortDelGro has demonstrated strong knowledge of Addison Lee’s business over the past four years. “This, alongside the strength and heritage of the Addison Lee brand, has positioned us perfectly for further expansion into the premium market,” Griffin added. He highlighted the compatibility between the two companies, calling ComfortDelGro a "perfect fit." ComfortDelGro’s Chairman, Mark Greaves, also highlighted the strategic advantages of the acquisition. He noted that Addison Lee’s premium services, well-established brand, and driver network will enhance ComfortDelGro’s overall customer service offering. Greaves also pointed out that 90% of Addison Lee’s fleet is already made up of cleaner energy vehicles, a move that aligns with ComfortDelGro’s sustainability goals and will help accelerate the group’s transition to a greener fleet.

ComfortDelGro Continues to Expand Its Footprint in the UK Market

Addison Lee has been a leading player in London’s transportation scene for years, known for its premium services catering to both corporate and individual customers. The acquisition is expected to strengthen ComfortDelGro’s position in the UK’s highly competitive mobility market, where demand for premium and eco-friendly transportation options is on the rise. ComfortDelGro has been expanding its UK footprint for some time. In addition to CityFleet Networks, the corporation’s recently acquired CMAC business offers on-demand and pre-planned transportation services across several cities in the UK, providing another platform for growth.