Cairo: – Family Corporation (“Family Corp.” or the “Company”) announces the acquisition of i-Al Tayyar’s Egypt transport operation (“I-Al Tayyar For Tourism” or the “Target”) consolidating its fleet and claiming the number one spot in the Egyptian transportation market with 1,000+ rented vehicles.
The total transaction consideration of EGP 125 million, is considered one of the largest transactions in the Egyptian transportation market, emphasizing Family Corp’s commitment to the Egyptian market and its firm belief in the tremendous growth potential driven by the current infrastructure expansion into new cities.
The Company has been growing at a steady rate for the past 5 years and has been on the lookout for an inorganic expansion opportunity that would allow it to expedite its growth plans. Commenting on the transaction, Emad Iskander – Family Corp’s Founder and Chairman said “I believe that i-Al Tayyar is a perfect fit for our growth plans, we have a similar business model and an accretive client base. Additionally, i-Al Tayyar possesses several assets that will be building blocks to our expansion”.
Ashraf Shiha the Ex-Chairman of i-Al Tayyar added “we have been in the Egyptian market for 20 years and have amassed a number of blue-chip clients such as Vodafone, Danone, El Sewedy and Giza Cables. We have had a healthy competition with Family Corp. for a number of years and know firsthand their customer dedication and top-notch quality of service and therefore feel safe knowing that they will preserve and build on i-Al Tayyar’s legacy in the market”.
The group plans to strengthen its core competencies through significant investments in technology and maintenance centers infrastructure, with a view to reaching a fleet size of 2,000+ technology enabled vehicles and offering 3rd party fleet maintenance services by the end of 2020.
About Family Corporation
Family Corporation is a one stop shop for corporate transportation needs, offering both passenger and cargo across the country through their three main divisions: Family Transport, Family Cargo and Family Car Rental. The company offers tailor-made services for each client, based on their needs and budget constraints. With customized routes and schedules, professional surveillance methods, a wide range of vehicles, and a large fleet, they are able to overcome any operational challenges faced by corporations across Egypt. Furthermore, Family Corp. is equipped with 8 in-house maintenance centers along with body shops that service their entire fleet.
For Additional Inquiries
Contact: Waguih Iskander
© Press Release 2019