Transport and accommodation solutions provider CMAC Group has acquired managed taxi specialist Cabfind from Transdev, creating combined revenue in excess of £50 million.
The acquisition will see CMAC and Cabfind combine to form the largest network of corporate ground transportation solutions in the UK, including private hire, executive vehicles and coaches.
CMAC’s transport products move more than a million passengers each year, providing solutions for a range of industries including rail, airlines, travel management and professional services.
Cabfind was established in 2002 and was acquired by European transport operator Transdev in 2015. It is currently one of the UK’s largest suppliers of managed transport.
Lee Wasnidge, managing director of Cabfind, commented: “It was important for both Cabfind and Transdev to find a new parent company who shared our strategic vision and would provide Cabfind with the opportunity to flourish and compete in a very aggressive market. I am delighted to say we have found that appetite from CMAC.
“This change of ownership to a business with a direct focus for growth within the business taxi market will enable the company to be better positioned to compete in the ever-evolving mobility market place.”
Steve Turner, CEO of CMAC Group, added: “The acquisition of Cabfind continues our growth strategy and expands our range of transport solutions.
“There are many complementary products and services across the two companies and we look forward to supporting Cafind’s customers with a greater focus on technological innovation and customer support, providing a seamless travel solution for customers. We’re really excited about the opportunities that the expanded group bring to our customers, suppliers and colleagues.”
The deal was supervised by Seneca Partners and Napthens Solicitors.