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SOURCE: CCC Information Services
Transaction expected to close by end of year.
Chicago, IL and Los Angeles, CA (PRWEB) November 30, 2012
CCC Information Services Inc. is pleased to announce that Leonard Green & Partners has entered into a definitive agreement to acquire a controlling interest in the company from Investcorp. CCC is the nation’s leading provider of advanced software and workflow tools to the insurance automotive claims and collision repair industries. Leonard Green is one of the nation’s preeminent private equity firms. Committed debt financing has been provided by certain affiliates of Goldman Sachs, including its principal mezzanine funds, and J.P. Morgan.
“We’re very excited about the opportunities ahead and the chance to partner with Leonard Green. They have an impressive stable of companies and a tremendous track record of helping those companies grow,” said Githesh Ramamurthy, Chairman & CEO of CCC. “I would like to extend my sincere thanks to the Investcorp team for their strong and supportive partnership. Additional thanks to Goldman Sachs and J.P. Morgan, both for their involvement with the company over the past seven years, and their confidence as they continue to move forward with us. This partnership is a terrific fit as CCC continues to drive innovation and growth. Most important, I would like to acknowledge our customers for their trust and confidence and the entire CCC team for their commitment.”
“We love companies with strong business models, leading market positions and proven management teams,” said John Danhakl, Managing Partner at Leonard Green. “CCC has built a fantastic business by relentlessly focusing on value added solutions for their customers. They have a compelling view of the future, and we look forward to working with the team to help grow and expand in innovative ways.”
Terms of the transaction were not disclosed.
About CCC Information Services Inc.
CCC brings together what matters most - insight to make the best decisions, connections into the largest auto claims network and superior productivity through an innovative single platform. Founded in 1980, CCC is the nation’s leading provider of advanced software, workflow tools and enabling technologies to the automotive claims and collision repair industries. Its client base includes more than 350 insurance companies and more than 21,000 repair facilities. CCC also delivers the most comprehensive, best-in-class industry insights by leveraging data captured from the millions of transactions processed through its network, and the forward-looking, trusted advisor perspective of its people. You can find out more about CCC Information Services Inc. by visiting the company’s web site at http://www.ccc.cccis.com.
About Leonard Green & Partners.
Leonard Green & Partners, L.P. is one of the nation’s preeminent private equity firms with over $15 billion of private equity capital raised since inception. Founded in 1989, the firm has invested in 63 companies with aggregate value of approximately $56 billion in the form of traditional buyouts, going-private transactions, recapitalizations, growth capital investments, corporate carve-outs and selective public equity and debt positions. Based in Los Angeles, California, LGP invests in established companies that are leaders in their markets. For more information, please visit http://www.leonardgreen.com.
Investcorp is a leading provider and manager of alternative investment products. Investcorp has offices in New York, London and Bahrain and is publicly traded on the Bahrain Bourse (INVCORP). Investcorp has three business areas: corporate investment in the US, Europe and the Gulf, real estate investment in the US and global hedge funds. As of June30, 2012, Investcorp had $11.5 billion in assets under management. Further information is available at http://www.investcorp.com.
About The Goldman Sachs Group, Inc.
The Goldman Sachs Group, Inc. is leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
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