Addison Lee, one of Britain’s largest minicab companies, has been bought by US private-equity firm Carlyle Group in a deal reported to be worth £300m.
The firm founded by ex-cabbie John Griffin in 1975 has grown from just one car to a fleet of around 4,500 that carries 10m passengers across the capital each year.
Mr Griffin will remain the chairman of the company and his son Liam chief executive.
The family of Lenny Foster, who co-founded the minicab empire, will also retain a small stake in the company.
Both Addison Lee and Carlyle, which owns breakdown firm RAC and health food chain Holland and Barratt, said they were looking at expanding the minicab business in other British cities.
“There are other opportunities to look at in the regions, but we would be more focused on a partnership,” Liam Griffin told the Daily Telegraph. “What we want to look at is making the Addison Lee booking experience available via our app in other areas, but we would use local suppliers to provide the service.