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CHARTERHOUSE ACQUIRES EQUITY IN COMDATA HOLDINGS CORPORATION

 NEW YORK, Dec. 29 /PRNewswire/ -- Charterhouse Group International, Inc., a New York based investment firm, today announced the investment of $20 million in newly issued shares of convertible preferred stock, Series C of Comdata Holdings Corporation (NASDAQ-NMS: CMDT) by Charterhouse Equity Partners, L.P. This investment is one element of a recently implemented recapitalization plan by Comdata.
 The completed recapitalization plan is designed to increase Comdata's stockholders' equity, reduce total indebtedness and interest expense, extend the average life of the company's debt and afford the company additional financial flexibility.
 Merril M. Halpern, chairman of Charterhouse Group International, Inc., said, "This investment provides the opportunity for us to participate in a new industry segment alongside Welsh, Carson, Anderson & Stowe, a highly-regarded investment firm specializing in acquisitions of companies in the information processing industry. We are fully supportive of management's efforts and the company's strategy to increase revenue and operating profits which is expected to benefit significantly from the recapitalization plan."
 Comdata Holdings Corporation is publicly traded on the over-the- counter market and listed on the NASDAQ national market system under the symbol CMDT. Comdata, organized in 1969, provides electronic funds transfer services to the trucking industry by means of a proprietary computerized telecommunications network. The company has used this network to expand the range of services offered to the trucking industry, as well as to provide services to the gaming, leisure and retail markets.
 Since its inception in 1973, Charterhouse Group International, Inc. has completed more than 40 acquisitions and equity investments. Charterhouse presently maintains a diversified portfolio of high-quality investments in U.S. industrial and service companies including transportation parts, industrial batteries, wireless cable, apparel and fashion accessories, and food and beverage products.
 -0- 12/29/92
 /CONTACT: Phyllis Haberman of Charterhouse, 212-421-3125, or Jeffrey Z. Taufield, or Mickey Mandelbaum, 212-593-2655, both of Kekst and Company, for Charterhouse/
 (CMDT)


CO: Charterhouse Group International, Inc.; Comdata Holdings Corp. ST: New York IN: TLS SU:

WB -- NY032 -- 0396 12/29/92 16:05 EST
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Publication:PR Newswire
Date:Dec 29, 1992
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