Boston-based TA Associates has sold its stake in Drive Assist UK, a UK provider of replacement vehicles, to UK-based Charterhouse Capital Partners for $500 million (€378 million). The transaction brought TA Associates a return of 3.2 times its original 2003 investment.
Drive Assist’s management team will maintain its places as a significant shareholder of the company, TA Associates said in a statement.
Founded in 1992, Drive Assist provides short-term replacement vehicles to individuals involved in automobile accidents while their own cars are being repaired. Its headquarters are in Tamworth, Staffordshire.
TA Associates manages about $10 billion in capital and invests in the technology, financial services, business services, consumer and healthcare industries. Ajit Nedungadi, runs the London office and was a member of Drive Assist’s board of directors. He was promoted to managing director in January, along with Jeffrey Barber, Michael Berk, Todd Crocket and Jonathan Meeks.