P2P collects Black & White Cabs for $8.1m
WA’s Black & White taxis are heading onto the stock market via an $8.1 million buyout by newly listed fleet management company P2P Transport.
Melbourne-based P2P today announced a deal to buy Black & White Cabs, adding BWC’s 1500 taxis in WA and Queensland to a fleet of 1100 vehicles leased out to taxi drivers.
BWC, which grew out of Brisbane’s first taxi company in 1919, has expanded steadily in Perth over the past 15 years, buying Garden City Cabs in 2004, Redcliffe Taxi Service in 2009 and Black & White Taxis Perth in 2011.
The company said on its website that the sale “is not only best for the business’ future and the future of our owners, operators, drivers and staff within Black & White Cabs, but also for our valuable customers”.
“The taxi industry is rapidly changing and customers are looking for difference, efficiency, and economic value,” BWC said.
“The rise of ridesharing has placed pressure on our industry and we feel that by being part of the national P2P Transport, we will be able to succeed against the fast-paced changes facing our industry.”
BWC said being part of P2P would enable the firm to benefit from economies of scale.
“We will enjoy leading dispatch technology and innovative app solutions, which means a faster and more reliable booking process.”
P2P, which only listed on the Australian Securities Exchange in December via a $30 million float, is paying $8.1 million in cash and shares for BWC’s parent company, Black & White Holdings.
The acquisition is expected to contribute up to $3.5 million a year before interest, tax, depreciation and amortisation.
News Source: https://thewest.com.au