Smedvig Capital, a London-based private equity firm, has appointed Sir Trevor Chinn as non-executive chairman of Streetcar, the UK’s largest pay-as-you-go car club.
Chinn is the current chairman of the Automobile Association and the Motorists Forum and director of automotive skills at the industry’s Skills Council. He previously chaired motoring services company RAC for 40 years, and also served as chairman of UK services company Kwik-Fit and vice-chair of the UK Government’s Commission for Integrated Transport.
Chinn is also chairman of another Smedvig portfolio company, ITIS Holdings, a leading UK provider of traffic information.
Johnny Hewett, chief executive of Smedvig, has worked with Chinn at ITIS for more than five years. Hewett also joined Streetcar’s board after his firm bought a 50 percent stake for £6.4 million (€9.4 million, €12.7 million) in March.
Chinn said car clubs were an important alternative to car ownership. Streetcar’s growth was not surprising given the economic and service benefits it offered, he added.
Streetcar, which allows members to book a hire car 30 minutes before use, has an 85 percent market share of the growing car club market. It has tripled membership in each of the last two years to its current level of 10,000.
UK-based Smedvig focuses on development capital and small buyouts, investing £2-£10 million of equity per deal. Its portfolio also includes Tusker Direct, a car rental business.