The development of the European Union, with its reduction in trade barriers and a freer flow of goods, was naturally expected to change the dynamics of Europe’s transportation sector. In early 1990, Proventus undertook an analysis of the industry and its participants. This showed that Transport Development Group was an attractive investment opportunity because of its strategic domestic and European coverage, and low valuation in relation to its capacity for generating cash flow. In addition, there was considerable potential for operational improvement, due to the company’s lack of strategic focus and a cumbersome organizational structure.

In September 1990, Proventus became the largest shareholder in Transport Development Group and established a dialogue with management aimed at improving performance. During 1991, Proventus and the company’s new executive management team jointly agreed on a comprehensive strategic realignment of operations. This program resulted in a more efficient use of capital and a more sharply defined strategic focus in operations. After the completion of these important improvements, and with subsequent recognition from the stock market, Proventus sold its shares in Transport Development Group in 1992.