Coach firm in enterprising deal
Article Date: Feb 27 2007Private equity firm Enterprise Equity has acquired Irish bus, coach and limousine operator Chambers Coach Hire for an undisclosed sum. The deal was backed by Ulster Bank.
Founder Des Chambers will stay with the company as an adviser. Enterprise’s Craig Holmes will join Chambers’ board as a non-executive director, while former managing director of Translink Ted Hesketh has been appointed chairman.
Holmes tells GrowthBusiness that Belfast-based Enterprise is looking to grow the business. He says it was an attractive acquisition because it involved a more mature company rather than the VC-driven technology firms Enterprise usually focuses on.
Londonderry-based Chambers, which has a fleet of 105 vehicles, was founded as a taxi firm in 1967 and has 65 staff. Holmes expects the company to generate revenues of £6 million in 2007, after making £4 million in 2006.
BDO Stoy Hayward and Tughans advised the vendor. Mills Selig was legal adviser to Enterprise.
