In January 2004, TA completed a significant investment in Drive Assist, buying 49% of the company from the existing shareholders and thereby providing substantial liquidity to the founders.  The transaction was the ideal solution to both address the liquidity/retirement interests of the older founder while allowing the younger CEO, Steve Binch, to continue to control and grow the business.  The transaction with TA was completed in lieu of a sale to a strategic.

From the time of TA’s investment in January 2004 to the sale of the business three years later, the business grew substantially with rental volumes, revenues and profits all growing by approximately a factor of three.  TA worked closely with the company in the financial planning and broader strategic considerations during this period.  TA identified and recruited Cees Schrawers to the Chairman position.  Cees was a long term insurance industry veteran who ran Norwich Union’s UK car insurance business. 

TA also drove the process of investigating the IPO and a potential strategic sale during the time of the investment.

Ajit Nedungadi and Richard D. Tadler served on the Board of Drive Assist.