From BodyShop Business
The private-equity owners of CCC Information Services are selling the company to another private-equity firm, Advent International. Advent will purchase CCC from Leonard Green & Partners and TPG Capital. The firms said they expect the deal to close in the second quarter.
CCC provides software for collision repairers, insurance companies and parts suppliers. The company’s client base includes more than 350 insurers and more than 22,000 repair facilities.
Advent’s most well-known holdings include Hudson News, an airport retailer; TransUnion, which provides consumer credit reports; and Culligan International Group, maker of water-treatment systems. Advent’s former holdings include Synventive Molding Solutions, which manufacturers “hot-runner” systems for making plastic automotive parts, and Keystone Automotive Operations, a catalog distributor of specialty aftermarket automotive parts.
“We want to thank our partners LGP and TPG for their tremendous support these past five years, and also welcome our new partner Advent as we begin this next phase of innovation,” said Githesh Ramamurthy, chairman and CEO of CCC. “Throughout our history, whether public or private, we have had one focus – delivering performance for our customers through industry-leading products and technology innovation, backed by the dedication and commitment of CCC’s associates. But the bar is being raised higher. With the pace of technology accelerating, we will see more change in the next five years than we have seen in the last 15. We look forward to working with Advent to bring new levels of value to CCC’s customers.”
As of Sept. 30, 2016, Advent had $42 billion in assets under management. “Advent evaluates hundreds of technology businesses, and CCC stands out as having built a truly world-class innovation engine,” said Eric Wei, managing director of Advent. “The company has established itself as a leader in hyperscale cloud computing, machine learning, IoT, mobile and consumer engagement technologies – all areas we see as becoming increasingly important to the industries that CCC serves. We look forward to partnering with Githesh in supporting the development of high-performance products that deliver exceptional results for CCC’s insurance carrier, repair facility and automotive customers.”
Terms of the deal were not disclosed. Bloomberg recently reported that CCC might be valued at $3 billion.