Investcorp Completes Sale of CCC
Jan. 16, 2013—Alternative asset manager Investcorp has finalized its sale of CCC Information Services Inc. to private equity firm Leonard Green & Partners, the company announced Tuesday.
The sale of CCC generated more than $550 million in proceeds for Investcorp, a company that had managed $11.5 billion in assets as of June 2012.
"CCC is a true market leader, and we have enjoyed a successful partnership with the company's stellar management team over the past several years,” said Steve Puccinelli, managing director of Investcorp and head of the company’s corporate investments for North America and Europe. “Working alongside management, Investcorp was able to support CCC's business objectives, its expanded market presence, and, through substantial investments in technology and infrastructure, its development of new products to further penetrate the insurance and automotive markets and strengthen and improve the company's product offering.”
Since 1989, Leonard Green has invested in 63 companies with aggregate value of roughly $56 billion. The Los Angeles-based company has raised more than $15 billion of private equity capital since its inception.
“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.”