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Hicks, Muse, Tate & Furst to Acquire The Glass's Group

13 August 1998

Hicks, Muse, Tate & Furst to Acquire The Glass's Group, UK's Leading Automotive Information Provider

    DALLAS--August 13, 1998--Hicks, Muse, Tate & Furst Incorporated today announced that it has entered into a definitive agreement to acquire The Glass's Group, the leading provider of automotive information services and related software products in the UK. The transaction is valued at approximately 126 million British Pounds (approximately $206 million). Under the terms of the agreement, the institutional shareholders of Glass's, including Caxton-Iseman and Duke Street Capital, will sell their entire financial stakes while the existing management team will rollover a significant portion of their current equity holdings alongside Hicks Muse.
    Glass's is the market leader in automotive valuation data, collision repair estimating systems and body shop management systems in the UK. Glass's also publishes a broad range of information covering the whole-life cycle of vehicles. Glass's information is likely to be consulted whenever a car is chosen, bought, underwritten (for insurance, warranty or finance purposes), serviced, repaired or sold. The company also has operations in France and Australia.
    Jack D. Furst, a Partner of Hicks Muse, said: "We are pleased to acquire Glass's, a company that possesses market leadership in all areas of its business. Glass's is an ideal platform from which to implement our buy-and-build strategy on a pan-European basis and, as demand for automotive information increases, it is well-positioned for long-term growth. We look forward to working with Robin Oliphant and the rest of Glass's management team to build long-term value for the company's customers, employees and our investors."
    Robin Oliphant, Managing Director of Glass's, said: "We are very excited about the strategic implications of this transaction. Our new partnership with Hicks Muse will enable us to realise our growth ambitions both in the UK and overseas. Glass's has made excellent progress in recent years and is now poised for rapid expansion in the future."
    Completion of the transaction is expected to occur by the end of August. Glass's was advised by Salomon Smith Barney.
    Since its formation in 1989, Hicks, Muse, Tate & Furst Incorporated has completed or currently has pending more than 230 transactions with a total capital value in excess of $30 billion. Headquartered in Dallas, the firm also has offices in New York, St. Louis, Mexico City and Buenos Aires.