Dublin-based car rental and mobility solutions provider, CarTrawler, has secured a €100 million investment from TowerBrook Capital Partners, an investment management firm headquartered in London and New York City.
With this investment TowerBrook gains a controlling stake in CarTrawler.
In a statement announcing the deal today (19 May), CarTrawler said the investment would help drive its next stage of its growth, as well as strengthens its balance sheet during the current crisis.
“This investment will allow CarTrawler to come out of this period of unprecedented disruption with a stronger platform for growth,” said its CEO Cormac Barry.
“Like many companies in the travel sector we have experienced material trading impacts as a result of the Covid-19 but the crisis will pass, and this deal will allow us to further enhance our proposition to our partners and our suppliers,” he added on the effect of the coronavirus on the global travel industry.
Founded in Dublin in 2004, CarTrawler’s parnters include American Express, Alaska Airlines, easyJet, Hotels.com, KLM, TravelStart and Emirates. It has offices in New York City and Melbourne. The new financing will help the company expand its footprint globally.
• Featured image credit: CarTrawler
