TA Associates, the US private equity firm, has made its first exit from a European acquisition since it opened its London office as it sold a stake in a vehicle replacement provider to make a return of more than three times its original investment.

The private equity firm opened its London office in March 2003 and bought nearly half of Drive Assist UK that year. Drive Assist provides short-term replacement vehicles to non-fault parties involved in accidents while their vehicles are being repaired.