Zipcar buys U.K. car sharing company Streetcar for $50 million

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Car sharing service company Zipcar today announced that it has acquired Streetcar, a similar venture that operates in the UK out of London. The terms of the acquisition were not disclosed, but the Wall Street Journal says the deal is valued at $50 million.

The two companies will now be folded into one entity and soon operate solely under the Zipcar flag.

Scott Griffith, Chairman and CEO of Zipcar, says that the short-term benefit of the acquisition is the instant growth, with now more than 400,000 members that stand to benefit from more cars, more convenience and enhanced technology. Streetcar members will have access to Zipcar’s global network of vehicles located in cities in the United States and Canada. Long-term, he adds, the transaction will help Zipcar expand to additional European markets.

Streetcar founders and execs Andrew Valentine and Brett Akker, who got the idea of starting the company after reading about the concept in a US magazine back in 2003, will retain their leadership positions with Zipcar.

In the coming months, the companies will begin the process of transitioning the Streetcar brand, parking locations, technology and operations to the Zipcar brand and platform, and will be communicating directly with members, partners and other groups on developments that impact them.

  • Err...

    Is it just me or does this seem like a not so great deal? $50m in equity for a company with $25m in revs, and a higher ARPU?

  • stephen

    yeh agree – seems like a firesale, think streetcar have raised £25m+ from VC/PE; also creates a rather unhealthy monopoly that can never be challenged . companies are like chalk and cheese: streetcar has great customer service and zipcar’s is run out of the US and crap ; streetcar has a great focused fleet of VWs and zipcar has anything with wheels, etc etc & talk unifying their technologies …. now there’s a recipe for lots off pissed off customers.

  • http://www.centernetworks.com/zipcar-acquires-streetcar Zipcar Acquires U.K. Car Sharing Service Streetcar

    […] of the comments on the Techcrunch post seem to indicate this was a firesale. Another car sharing service, Canadian CityFlitz ceased […]

  • GroupBuyer

    It looks that they have already started their marketing spending… look at this today deal
    http://www.mycitydeal.co.uk/deals/london

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    […] United States, Canada and the United Kingdom (they acquired U.K. car sharing company Streetcar for $50 million earlier this […]

  • http://jetlib.com/news/2010/12/15/car-sharing-service-zipcar-adds-21-million-to-its-coffers/ Car-Sharing Service Zipcar Adds $21 Million To Its Coffers | JetLib News

    […] United States, Canada and the United Kingdom (they acquired U.K. car sharing company Streetcar for $50 million earlier this […]

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    […] United States, Canada and the United Kingdom (they acquired U.K. car sharing company Streetcar for $50 million earlier this […]

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    […] April 2010, Zipcar bought London-based car-sharing firm Streetcar for $50 million in its latest bid to expand across […]

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  • http://mojume.tk/zipcar-acquires-controlling-stake-in-spains-largest-car-sharing-operator/ Zipcar Acquires Controlling Stake In Spain’s Largest Car Sharing Operator « Mojume

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