Investcorp completed the sale on Jan. 15 of CCC Information Services to Leonard Green & Partners L.P., a private equity firm with more than $15 billion of private equity capital raised since inception.
Like this article? Sign up to receive our weekly news blasts here.Terms of the deal were not revealed but Investcorp said the sale unlocks more than $550 million in proceeds for Investcorp and its investors.
Leonard Green & Partners said its model is to invest in established companies that are leaders in their markets. It has invested in 62 companies with an aggregate value of $54.6 billion since its founding in 1989.
Steve Puccinelli, Managing Director at Investcorp and Head of Corporate Investments for North America and Europe said: "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. 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. This is emblematic of the value that Investcorp brings to each of our portfolio companies."
During the period of Investcorp's ownership since February 2006, CCC's EBITDA grew organically by over 50 percent, according to Investcorp, which is a provider and manager of alternative investment products. As at June 30, 2012, Investcorp had $11.5 billion in assets under management.
For more information visit www.investcorp.com.
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