HSBC Private Equity has sold Auto Windscreens to Lex Service PLC for £112 million. HSBC Private Equity and the senior management of Auto Windscreens bought the business from Heywood Williams Group PLC in August 1998. 

Auto Windscreens, the second largest provider of vehicle glass replacement services in the UK, has an overall market share of 32 per cent. In 2000 it worked on some 700,000 vehicles.

HSBC Private Equity has supported the company and its management in the development of the business since its acquisition. Sales increased from £72.2 million in 1997 to £91.8 million in the year ended 31 December 2000. Under the ownership of HSBC Private Equity and management, Auto Windscreens' national network of depots has expanded to over 160 and is now the largest in the UK. The business has continued to strengthen its position in the UK automotive glazing replacement market over this period.

Chris Masterson, Managing Director, HSBC Private Equity, commented: "Auto Windscreens is a highly successful business. We are confident that the business will continue to thrive under Lex's ownership and will benefit significantly from association with the RAC brand. We wish the company and its management every success in the future."

Mark Usher, Managing Director, Auto Windscreens added: "The partnership between Auto Windscreens and HSBC Private Equity has been very successful over the past 2½ years. This transaction brings Auto Windscreens to an exciting new phase of development and will deliver increased growth by joining forces with the RAC name, one of the strongest motoring brands in the UK."