Investment Firm to Acquire Controlling Interest of CCC
Dec. 3, 2012—Private equity firm Leonard Green & Partners has entered into a definitive agreement to acquire a controlling interest in CCC Information Services Inc. from alternative asset manager Investcorp.
CCC—which provides claims processing software to more than 350 insurance companies and 21,000 repair facilities—said committed debt financing has been provided by certain affiliates of J.P. Morgan and the Goldman Sachs Group Inc., a global investment banking, securities and investment management firm.
The acquisition is expected to close by the end of the year. Terms of the transaction were not disclosed.
“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 and 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.”
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.”