Matrix Connections, the private hire company owned by Radio Taxis Group Ltd (RTG), has been acquired, along with Executive First, by Trident Niven, the long established and highly regarded West London executive car company.
The deal enables RTG to concentrate on its established taxi businesses, Radio Taxis and Xeta, and to further develop its growing ‘One Transport’ transport management business.
The One Transport business is a consolidation platform and online management service for both private hire and taxis. The sale ends the conflict of interest for RTG which existed in both owning a consolidation platform while providing car supply as a vendor at the same time. The deal also includes the sale of RTG’s high end chauffeur arm, Executive First.
Geoffrey Riesel, Chairman of RTG said: “We are very pleased with this deal as it enables us to concentrate more closely on developing Radio Taxis, Xeta and One Transport. This will reinforce our diverse one stop shop service provision in personal transport. Trident Niven are a well run organisation and we expect that services levels will continue to be of the highest order.”
Geoffrey Riesel went on to say that “Shield was able to source the best buyer and secure a transaction on mutually acceptable terms through a well managed competitive auction process, run resolutely in the face of remarkably difficult trading conditions for all parties in the sector. Full marks to them for cheerful perseverance and tenacity!”
Shield Corporate Finance’s Adam Tindall said: “This transaction represents an excellent result for both parties and facilitates a prosperous ongoing relationship. Shield was brought in to help RTG divest the private hire arm of the business which was essentially non-core to the group’s main trading activity. The successful conclusion means that RTG can focus all their attention and continue to grow their mainstay businesses Xeta and One Transport. This transaction also ensures that Matrix Connections and Executive First’s customers’ will continue to receive a high standard, undisrupted service.”
Ray Jenkins, Managing Director of Trident Niven said: “We have a very good working relationship with One Transport through our provision of service to the BBC. We look forward to strengthening those connections through the acquisition of the Matrix and Executive First businesses.”
Radio Taxis Group were advised by Shield Corporate Finance - Adam Tindall and David Young
Further information on Radio Taxis Group can be found at www.radiotaxis.co.uk
Further information on Trident Niven can be found at www.tridentniven.com
Shield Corporate Finance provides a unique combination of corporate finance and consultancy support, all designed to maximise value achieved when shareholders exit. Shield differentiates itself through its dedication to the pursuit of remarkable results for those selling a business. Shield was founded in 2001 by David Young, a former Head of Sell-Side M&A, Europe at JPMorgan. Further information on Shield can be found at www.shield.uk.com