George Jacobs, founder of Windy City Limousine, had almost given up hope after years of searching for the right buyer. He had hired an investment bank, spent months preparing to go to market, and explored several offers. But none of them felt like the right fit.
“I didn’t want to get into a situation with a private equity firm where all they cared about was profit margins,” said Jacobs. “I care about the people, and none of the offers we got felt like the right fit.”
The right buyer came, not from the investment bank, but through an introduction by a mutual friend. That connection led Jacobs to John Ferrari, CEO of Houston-based TBL Group Inc., the parent company of ECHO AFC Transportation, which has the company slogan: “People Powered…Safety Driven!”
The acquisition of Windy City Limousine by TBL was announced this week.
‘You just know’
From the first conversation, Jacobs understood Ferrari’s company was different.
“It was like a first date where you just know,” Jacobs recalled. “We had to spend the next year working out the details, but from that first meeting, I knew this was going to lead to marriage. His company was a perfect match – culturally, philosophically, and in terms of how they care for their employees.”
Ferrari said his approach to acquisitions is deeply rooted in his commitment to finding the right cultural fit.
“Windy City is a carbon copy of our headquarters in Houston,” Ferrari said. “They’ve got everything we do – black cars, SUVs, vans, minibuses, motor coaches, transits. They’re a well-respected, full-service transportation company not just nationally, but globally. What really attracted us to them was how similar they were to us, both in operations and in their people-first culture.”
Ferrari’s TBL Group expanded from limousines to a diverse fleet of motorcoaches operating in Texas and Florida. The company’s rapid growth was fueled by Ferrari’s strategic vision, and his acquisition of Windy City Limousine gives the company a strong foothold in the Midwest.
Ferrari’s story in the transportation industry began in an unexpected place: the restaurant business. In the early 1990s, Ferrari’s father ran a four-star restaurant in Houston.
“Customers kept asking us if we had a limousine to take them to events after dinner,” Ferrari said. “So, we bought one just to serve our guests. By the end of the year, we had seven vehicles and 15 the second year.”
Sound advice from a client
He bought his first motorcoach in 1999 after a corporate client urged him to expand his transportation services. The client promised to keep Ferrari’s company busy if he added a motorcoach to his fleet because they wanted a one-stop solution for all their transportation needs with a high level of service.
Initially hesitant, Ferrari wondered why he would invest in a $350,000 motorcoach when he could buy ten town cars for the same price. He ultimately trusted the client’s vision. That decision helped his business grow and marked his entry into the motorcoach industry, leading to the significant expansion of his fleet and services.
“We’re one of the top 10 largest motorcoach customers in the country. In the past 12 months, we’ve bought 47 motorcoaches,” Ferrari said, adding that ECHO AFC has the largest private passenger fleet in Texas with over 250 vehicles, 100 of which are motorcoaches.
All his coaches have been purchased from ABC Companies, the North American distributor of Van Hool motorcoaches. He describes the Florida-based company as a “fantastic” partner.
“Their customer service is top-notch,” said Ferrari. “They’ve always been transparent and supportive. Having that direct line of communication with someone like (CEO) Roman Cornell really strengthens the relationship. It’s crucial when you’re running a business like ours.”
TBL Group has implemented a standardization approach. Ferrari credits this consistency to reducing training time for drivers and maintenance costs while improving efficiency and safety.
“We follow the Southwest Airlines model — we like to have one style of motor coach,” said Ferrari. “That way, all the drivers are trained on the same equipment, and it makes everything easier. Parts are standardized, maintenance is streamlined, and safety training is consistent. It reduces training time, and customers appreciate the uniform experience across the fleet.”
Finding the right buyer
Jacobs’ careful approach to selling Windy City Limousine stemmed from past experiences. His first transportation company, American, was a major success, growing from $2 million to $20 million in sales before he sold it to a public corporation. However, the sale didn’t go as planned.
“The new owners mismanaged the company, and within three years, it was in ruins,” Jacobs said. “I tried to buy it back, but they refused. So, I retired in 2005, but it didn’t last long. I realized retirement wasn’t for me, and my former employees, who were unhappy with the new management, encouraged me to start something new.”
In 2006, Jacobs founded Windy City Limousine, bringing many of his former team members on board. The company quickly became a leader in the Chicago transportation market.
At 75, Jacobs admits he’s addicted to work, saying the adrenaline rush he gets from problem-solving helped him overcome a gambling addiction that left him homeless in his early 20s.
The partnership between Windy City and TBL Group has already proven beneficial. TBL helped Windy City save $6,000 a month by recommending a more cost-effective phone system before the acquisition was even finalized. Meanwhile, Jacobs’ team helped TBL Group secure better insurance rates.
“It’s a two-way street,” Jacobs said. “We’ve learned from them, and they’ve learned from us. Together, we’re improving both companies and finding ways to save money and grow. You take the best of both companies and combine them to make something even better.”
Valuing Windy City’s identity
Ferrari’s decision to keep Jacobs and Kathy Kahne, Windy City’s president, in their leadership roles was key to ensuring a smooth transition. Maintaining the company’s identity and ensuring continuity for employees and clients was a top priority for him.
“They’ve built something special, and we’re not here to change that,” said Ferrari, noting the company’s new name will be ECHO Windy City. “Our goal is to support them and help both our companies grow even stronger together.”
Before the sale, Jacobs set up a fund for his managers, giving them a year’s salary in a bank account if they stayed with the company for three years.
“That’s how much I value them,” Jacobs said. “I wanted to make sure that even with the sale, there would be continuity and that everyone would know they were still valued.”
Jacobs describes Kahne as “wicked smart,” and likes to tell a story about her quick problem-solving skills. When his building lost power for a month when the landlord was making repairs, the other tenants had to relocate. However, Kahne arranged for a giant generator to be delivered and had the office wiring upgraded. The generator powered the entire office from a flatbed truck in the parking lot.
“The building inspector approved it, and we were up and running while nobody else in the building could work. That’s how she solves problems—fast and effectively,” he said.
While Ferrari says he’s looking to expand again, his acquisition strategy is selective.
“We’ve looked at about 70 deals and walked away from most of them. It’s about finding the right culture fit,” he said. “We’re not just looking for any company. We want partners who share our values, like Windy City does. It’s a long-term relationship, and that’s what matters most to us.”
