CarTrawler

Last updated
CarTrawler
Industry IT
Founded2004
FounderGreg 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.com/en-gb/

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

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

  1. 1 2 Caoimhe Gordon (2024-08-23). "Revenues rise 5pc at CarTrawler". Irish Independent .
  2. ↑ Caoimhe Gordon (2022-10-04). "CarTrawler appoints new chief executive". Irish Independent.
  3. ↑ "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.
  4. ↑ "CarTrawler reports higher revenue and profits for 2023". RTE . 2024-08-23.
  5. 1 2 3 Ciarán Hancock (2024-08-23). "CarTrawler pays €47m dividend to parent as profits rebound". The Irish Times .
  6. ↑ Charlie Taylor (2024-09-19). "CarTrawler to cut 10% of workforce amid strategic shift - but new roles will follow". Business Post .
  7. ↑ "CarTrawler lands €100 million investment to drive growth and strengthen platform". WiT. 2020-05-19.
  8. ↑ "CarTrawler: Irish brothers sell car rental firm to private equity group". Irish Independent. 2014-03-25.
  9. ↑ Fiona Reddan (2014-03-24). "Irish car-hire technology firm to be sold for €450m". The Irish Times.
  10. ↑ Kevin May (2014-03-24). "CarTrawler majority stake bought by BC-Partners in big bucks deal". Phocus Wire.
  11. ↑ Joe Brennan (2020-05-06). "Cartrawler set to fall under control of UK firm TowerBrook". The Irish Times.
  12. ↑ Alex Lawson (2015-08-25). "Ryanair CarTrawler: Airline launches new car hire service as charm offensive continues". The Standard .
  13. ↑ "Ryanair Extends Partnership With Cartrawler For 2 More Years". Ryanair. 2017-09-11.
  14. ↑ Joe Brennan (2023-08-02). "CarTrawler backer has 'no plans to sell' as firm returns to profit". The Irish Times.
  15. ↑ Gwyn Topham (2020-09-24). "Willie Walsh takes CarTrawler role after leaving BA owner IAG". The Guardian .
  16. ↑ Charlie Taylor (2023-04-02). "British investor looks to unload a roadworthy CarTrawler". Business Post.
  17. ↑ Joe Brennan (2020-05-19). "CarTrawler management to take stake in TowerBrook takeover". The Irish Times.
  18. ↑ Ellie Donnelly (2020-05-20). "BoI among lenders to take hit as CarTrawler is sold for third time". Irish Independent.
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