CarTrawler
| Industry | IT |
|---|---|
| Founded | 2004 |
| Founder | Greg Turley Niall Turley |
| Headquarters | Dublin, Ireland |
Key people | Peter O’Donovan (CEO)[1][2] Patrick Kennedy[3] |
| Revenue | €173.8 million[4] (2023) |
| €8.3 million[5] (2024) | |
Number of employees | 400+[6] (2024) |
| Parent | TowerBrook Capital Partners |
| Website | corporate |
CarTrawler is an Irish car rental provider. Its headquarters are located in Dublin. It has offices in New York City, Melbourne, and London.[7]
As of August 2024, CarTrawler had a network of over 2,200 vehicle rental service providers in 150 countries. It also manages online car rental websites under the brands Holiday Autos and Argus Car Hire.[8]
History
[edit]CarTrawler was founded in 2004 by brothers Greg and Niall Turley.[5] In February 2014, as part of a debt-secured deal worth €450 million, CarTrawler was sold to investment firms BC Partners and Insight Ventures Partners.[9] BC Partners received a controlling stake for an undisclosed amount, while Insight Ventures Partners acquired a minority stake. A "significant portion" of the shares remained with local management.[10] It was reported that BC Partners and Insight Ventures Partners used €150 million in debt financing to complete the transaction.[11]
In August 2015, CarTrawler entered into an exclusive partnership agreement with Ryanair.[12] In September 2017, Ryanair announced an extension of this agreement for another two years.[13]
In May 2020, British private equity group TowerBrook Capital Partners invested €100 million to acquire CarTrawler.[1][14][15] The acquisition was driven by the company's difficulties amid COVID-19 restrictions.[5][16] It was noted that BC Partners and Insight Ventures Partners suffered significant losses from this deal.[17][18]
References
[edit]- ^ a b Caoimhe Gordon (2024-08-23). "Revenues rise 5pc at CarTrawler". Irish Independent.
- ^ Caoimhe Gordon (2022-10-04). "CarTrawler appoints new chief executive". Irish Independent.
- ^ "New and notable appointments at Matheson LLP, ACCA, Community Finance Ireland, Irish Beverage Council, CarTrawler, Virgin Media Television and Azets Ireland". Business & Finance. 2023-04-06.
- ^ "CarTrawler reports higher revenue and profits for 2023". RTE. 2024-08-23.
- ^ a b c Ciarán Hancock (2024-08-23). "CarTrawler pays €47m dividend to parent as profits rebound". The Irish Times.
- ^ Charlie Taylor (2024-09-19). "CarTrawler to cut 10% of workforce amid strategic shift - but new roles will follow". Business Post.
- ^ "CarTrawler lands €100 million investment to drive growth and strengthen platform". WiT. 2020-05-19.
- ^ "CarTrawler: Irish brothers sell car rental firm to private equity group". Irish Independent. 2014-03-25.
- ^ Fiona Reddan (2014-03-24). "Irish car-hire technology firm to be sold for €450m". The Irish Times.
- ^ Kevin May (2014-03-24). "CarTrawler majority stake bought by BC-Partners in big bucks deal". Phocus Wire.
- ^ Joe Brennan (2020-05-06). "Cartrawler set to fall under control of UK firm TowerBrook". The Irish Times.
- ^ Alex Lawson (2015-08-25). "Ryanair CarTrawler: Airline launches new car hire service as charm offensive continues". The Standard.
- ^ "Ryanair Extends Partnership With Cartrawler For 2 More Years". Ryanair. 2017-09-11.
- ^ Joe Brennan (2023-08-02). "CarTrawler backer has 'no plans to sell' as firm returns to profit". The Irish Times.
- ^ Gwyn Topham (2020-09-24). "Willie Walsh takes CarTrawler role after leaving BA owner IAG". The Guardian.
- ^ Charlie Taylor (2023-04-02). "British investor looks to unload a roadworthy CarTrawler". Business Post.
- ^ Joe Brennan (2020-05-19). "CarTrawler management to take stake in TowerBrook takeover". The Irish Times.
- ^ Ellie Donnelly (2020-05-20). "BoI among lenders to take hit as CarTrawler is sold for third time". Irish Independent.