OEConnection LLC, a global automotive technology provider for OEM distribution networks, and Genstar Capital, recently announced they have finalized a deal for Genstar to acquire a majority stake in OEC. This transaction was first announced on Aug. 1. Current investors, Ford Motor Co. and General Motors, each will retain their minority investments in the company.
“We are thrilled to join forces with Genstar as we continue to work to expand the OEC footprint and our product and service offerings for customers across the globe,” said Chuck Rotuno, OEC chairman and CEO. “Genstar has an impressive track record of partnering with companies in the software sector to accelerate growth and transformational change.”
Financial terms of the transaction were not disclosed.