Investcorp completes the sale of CCC Information Services Inc. to Leonard Green & Partners, L.P. ACTIVE PERIOD OF SALES RESULTS IN OVER $1 BILLION OF DISTRIBUTION PROCEEDS FOR INVESTORS
NEW YORK, Jan. 15, 2013 /PRNewswire/ -- Investcorp, a global provider and manager of alternative investment products, today confirmed that it has successfully completed the sale of CCC Information Services ("CCC" or "the Company") to Leonard Green & Partners, L.P. CCC is the nation's leading provider of advanced software and workflow tools to the insurance automotive claims and collision repair industries. The sale unlocks over $550 million in proceeds for Investcorp and its investors.
The CCC transaction closes out an active two months of exits for Investcorp in North America. Together with November's sale of FleetPride to TPG, Investcorp has generated over $1 billion of investment sale proceeds.
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.
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 at June 30, 2012, Investcorp had $11.5 billion in assets under management. Further information is available at www.investcorp.com.