Veezu is the UK’s leading multi-region private hire company. The firm provides dispatch services and driver management to a fleet of over 3,000 private hire vehicles. A tech enabled business, passengers use the app to book via a GPS based automated dispatch system.Client website
- Date: Dec 19
- Industry: Transportation
- Location: South West
- Type: Cash-out
- Revenue: £30m
- Fund: Fund II
TDC provided a £14m Second Lien loan to Veezu in December 2019 to support the exit of a founder no longer involved in the business, together with a £6m accordion to support an acquisition strategy.
TDC value add
TDC backed Veezu’s buy-and-build strategy in the fragmented private hire vehicle market, providing additional funding to support further acquisitions during the life of the investment. The funding helped Veezu grow driver numbers by 66 per cent over the course of a year to become the third largest private hire company in the UK. Whilst Covid-19 saw a material impact on the business, TDC continued to support which allowed the management team to accelerate their M&A strategy growing to a size which attracted investment from MML.
The finance has accelerated the corporate strategy, allowed Veezu to take advantage of opportunities it may have otherwise been unable to pursue and re-enforced its position as the leader in the sector.