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INVESTMENT IN DRIVE ASSIST SIGNALS GOOD RETURNS

April 2007

The recent investment in Drive Assist by Charterhouse, one of Europe's leading private equity investment groups, provides an ideal exit opportunity and signals good returns for Howard Capital Partners who have supported and invested in the company over the past seven years.  

Drive Assist works with insurance companies, brokers and repair shops offering temporary replacement vehicles for their customers involved in non-fault accidents. It has 15 vehicle depots located throughout the UK, controlled from a head office in Tamworth. Since it was established, the company has achieved dramatic growth, starting from a small business to a company with now more than 1000 employees and an annual group turnover in excess of £150 million. The business has 15,000 vehicles in its fleet, handles over 8,000 brand for brand rentals per month and carries out a massive 20,000 vehicle movements every month.  

Howard Capital Partners invested in Drive Assist in 2000, and have been involved in supporting their growth, including acquiring a Head Office for the Tamworth based Group.Over the years they have supported the company's management team, were represented at Board level and aided its significant growth in recent years. The recent investment by Charterhouse valued the group at £250m.