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Philip Friedman said in some ways very little has changed since his father first started driving taxis in 1955.

As a Holocaust survivor with no education, Polish immigrant Bernard Friedman worked long hours, but ended up saving up enough money over the years to own 48 taxi permits. Then in 1995, Philip, who took over his father’s business, chipped in with Dominique Roy — who worked his way up the corporate ladder, starting as a gas attendant — to purchase Diamond Taxi.

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“My father worked hard and made lots of sacrifices, but thanks to him, we were able to buy Diamond Taxi together,” Friedman said.

On Tuesday, Roy and Friedman announced they were parting with the company they have owned for 21 years. They sold Diamond Taxi to Taxelco, an upstart company with a goal to revolutionize the industry. Roy will remain as the CEO of Diamond to run that company’s operations, but Friedman, who also works as a notary, will withdraw. The financial terms of the deal were not disclosed.