21 Jan 2008
ICON has advised the shareholders of Insurance 4 Car Hire on its sale to Towergate.
Insurance 4 Car Hire (I4CH) is an internet based insurance agency providing specialist insurance products for the car rental market. Founded 5 years ago by Larry Ursich, I4CH provides customers with a number of products designed to insure against the high excess that can be charged by car rental companies when hiring a vehicle. The company offers products that include cover for damage to windows, tyres, roof and the undercarriage of the vehicle, which tend to be general exclusions of car rental agreements.
Larry Ursich who will remain as MD of the acquired business and join the Towergate management team commented: “We were very impressed with ICON, their corporate finance tactics added significantly to the value of the deal.”
James Thomas, Investment Director at ICON commented: “The terms offered by Towergate and the good cultural, geographic and strategic fit provides an attractive transaction for stakeholders, but importantly it also provides an opportunity for the management and employees to be part of a vibrant larger business going forward”.
In a statement Towergate said: "The acquisition of I4CH provides Towergate access to a successful internet based business where all sales and fulfilment are carried out online. This will help Towergate strengthen its online capabilities and build its expertise further in the distribution of consumer products online."
Peter Cullum, Executive Chairman of Towergate added: "This is a business with a great track record and significant growth potential. It’s yet another great signing for Towergate which will help strengthen our online capabilities and product offering to customers”.