Private equity firm ECI has taken a 50% stake in CarTrawler, prompting a management reshuffle at the online car rental distribution system.
The deal, funding from which will be used to continue CarTrawler’s organic growth and facilitate new acquisitions, sees former COO Mike McGearty become chief executive, former Cosmos and Tui chief Richard Prosser come in as chairman, and ECI director Chris Watt join the board.
Founding brothers Greg and Niall Turley will remain as significant investors.
ECI expects CarTrawler to continue to increase its market share, seeing opportunities in the continued growth in online travel, the increasing importance of ancillary revenues to travel companies and emerging markets such as Asia and Latin America.
Mike McGearty, CEO of CarTrawler, said: “We looked hard to find an investor who understood our business and would actively assist us in our global growth ambitions.
“ECI’s enthusiasm for the business and track record in the online and travel sectors gives us great confidence in the future. We look forward to working together to continue to build the largest distributor of car rental globally.”