LimoLane Drives Growth with Acquisition of Asia Car Service
Deal News | Feb 12, 2025 | Finance Community IT - 1 Corporate M&A
LimoLane, a premium mobility digital platform focused on business and large event services, has acquired Asia Car Service (ACS), a US and European leading mobility service provider for business travel in Asia. ACS, founded by Americans with strong ties throughout Asia, will enable LimoLane to solidify its global presence by overcoming local operations hurdles. The acquisition fits within LimoLane's broader buy & build strategy, which aims to offer comprehensive services to their clients worldwide. Legal proceedings for this acquisition were managed by Gianni & Origoni, advising LimoLane with international teams in Bologna and Hong Kong. In supporting its growth strategy, LimoLane has opened its capital to Cherry Bay Capital Group in July 2024, enhancing its financial capability. With previous acquisitions, LimoLane aims for a €250 million consolidated group revenue by 2027. Operating in Italy, the UK, France, the USA, and now APAC, it boasts a community of over 10,000 drivers. In 2024 alone, LimoLane provided mobility services for over 350 events, generating €5 million in international revenue, marking a 66% increase from 2023. The acquisition of ACS represents a significant milestone for LimoLane, highlighting its intention to strengthen market leadership. In 2024, the company expanded to New York and closed the year with €42 million in group revenue and a 150% increase from 2023. Further capital operations are anticipated in 2025 to fuel ongoing expansion strategies.
Sectors
- Transportation and Logistics
- Private Equity
Geography
- Global – LimoLane operates across multiple continents including Europe, the United States, and the APAC region, and the acquisition of ACS further emphasizes their global reach.
- Italy – LimoLane is based in Italy, with legal operations handled by a Bologna-based legal firm.
- Asia – The acquisition of Asia Car Service focuses on enhancing services for businesses traveling to Asia, making it a critical region in the deal.
Industry
- Transportation and Logistics – The article discusses LimoLane and its acquisition of Asia Car Service, both providing premium mobility solutions for business and events on a global scale.
- Private Equity – Cherry Bay Capital Group's involvement in LimoLane's capital expansion highlights the role of private equity in facilitating corporate growth and strategic acquisitions.
Financials
- 5 million euros – Revenue generated from international markets in 2024.
- 42 million euros – LimoLane's group revenue for the year 2024.
- 250 million euros – LimoLane's target group revenue by 2027.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| LimoLane | Acquirer | Company | A digital platform providing premium mobility services for business and large events globally. |
| Asia Car Service | Target Company | Company | A leading mobility service for US and European businesses traveling in Asia. |
| Cherry Bay Capital Group | Financial Backer | Company | An independent player in private capital and wealth advisory that facilitated LimoLane's capital expansion. |
| Gianni & Origoni | Legal Advisor | Company | Handled legal proceedings for LimoLane's acquisition, with teams in Bologna and Hong Kong. |
| Fabio Nalucci | Founder | Person | Founder of LimoLane, overseeing its expansion and acquisition strategy. |