News

CCC Completes Sale to Advent International

Order Reprints
CCC

Feb. 28, 2017—Advent International has agreed to acquire CCC Information Services from Leonard Green & Partners and TPG Capital.

The transaction is expected to close early in the second quarter of 2017. No financial terms were disclosed. J.P. Morgan served as financial advisor to CCC. Jefferies and Nomura served as financial advisors to Advent.

CCC Information Services Inc. had reportedly been mulling a sale that valued the company at $3 billion, more than five times what it was bought for three years ago.

Leonard Green agreed to buy CCC from Bahrain-based Investcorp SA in November 2012 in a deal which fetched Investcorp and its backers more than $550 million in proceeds, according to a statement at the time. The firm then almost immediately sold a 50 percent stake in the company to TPG, with plans to expand in Asia.

“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 fifteen. We look forward to working with Advent to bring new levels of value to CCC’s customers.”

"We are delighted to have been associated with the CCC team over many years of uninterrupted progress and success and we are tremendously appreciative of CEO Githesh Ramamurthy and the rest of the CCC team for the outstanding job they've done," said John G. Danhakl, managing partner of LGP. "We wish for and expect continued success for the entire CCC family supported by Advent, one of the best in our business."

 

Recommended Products

2014 FenderBender KPI Survey: Complete Report

2015 FenderBender KPI Survey: Complete Report

2013 FenderBender KPI Survey: Complete Report

Related Articles

Chrysler to Share Recall Data with CCC

CCC Introduces CCC ONE Platform for OEMs

CCC Launches Telematics Data Exchange

You must login or register in order to post a comment.