Cherry Bay Capital Group through the investment holding company Cherry Bay Capital Investment Club, and together with a qualified group of private investors and leading entrepreneurial families, including a vehicle promoted by FNDX, involving a selection of investors who had participated in a €4m round in early 2023, and FG2 Capital, finalised the entry of a minority stake in LimoLane as part of a deal worth a total of €35m which aims to support an ambitious business plan to maintain current organic growth and finance a concrete buy-and-build strategy.
Founded in 2021 LimoLane offers premium mobility solutions for corporate customers, with a focus on industry, fashion, travel, tourism and hospitality, finance and professional services. The company operates through proprietary software that digitises B2B mobility demand, integrating with customers’ management systems. At the same time, it aggregates a fragmented market composed of small NCC (rental with driver) players who, by accessing the Limo platform, gain access to hitherto ‘invisible’ rides, significantly increasing car use and average turnover per vehicle. The business model does not only provide day-by-day mobility solutions, but also offers a dedicated service for major international events, meeting the growing demand for complex mobility projects such as Fashion Week, the Sanremo Festival and Formula 1 Grand Prix.
Headquartered in Milan and with branches in France and the UK, the company led by Francesco Righetti offers services in over 50 countries and 500 cities worldwide involving a community of over six thousand NCCs. The company’s turnover has recorded a solid growth rate exceeding EUR 8 million in 2022 to reach EUR 16.5 million in 2023, with a forecast to reach EUR 34 million in 2024, with a relative EBITDA margin of over 30%.
Mattia Rossi, founding partner of Cherry Bay Capital Group (in the photo), said in a note: “We consider LimoLane one of the most promising expansion deals recorded in the last year in the small & mid private equity segment and Fabio Nalucci one of the reference figures in Italy in the field of digital transformation. We are proud to continue proving to our partners and family offices that we are able to identify the best Italian excellences, confirming Cherry Bay Capital as an exclusive player chosen by the most enlightened entrepreneurs”.
Fabio Nalucci, chairman of LimoLane, adds: ‘We are confident that in addition to the capital injection, the relationship with Cherry Bay Capital will be crucial for the company’s growth. This round demonstrates the possibility of digital innovation in traditional sectors by combining industry and finance to create a global champion in a sector that is still strongly local. Thanks to the contribution of the excellent leadership team headed by CEO Francesco Righetti, we will work not to disappoint investors’ trust.
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