Reprinted from pepdigest.com
November 13, 2008 – Canal Partners announced today that it has acquired a majority stake in privately-held online ground transportation services company Limos.com.
Founded in 1997, Limos.com provides qualified leads for licensed transportation providers. Limos.com offers free limo and other ground transportation quotes in all major US metropolitan markets and nearly two dozen countries including the UK, Australia, Germany, Mexico, France and Italy. Limos.com has experienced six consecutive years of top-line revenue growth in excess of 23 percent.
Through its purchase of Limos.com, Canal Partners hopes to capitalize on this growing industry by building on the Limos.com business model, expanding the markets it serves and creating opportunities for additional revenue streams through technology enhancements. Immediate plans for Limos.com include a new site design and user interface scheduled to launch in mid-November. The new site will improve customer and affiliate usability, providing a more robust review and ratings engine and a new customer forum area. In early 2009 the company plans to roll out the industry’s first online booking engine, enabling customers to reserve and pay for ground transportation on the Web.
Canal Partners is a private equity firm located in Scottsdale, AZ that invests in scalable, growth-oriented companies with a focus on software and Internet technologies. Alongside an investment commitment of $1 to $5 million, typical portfolio companies will have an enterprise value of $5 to $30 million, limited debt, solid cash flow, and a proven management team (www.canalpartnersllc.com).