Investcorp confirmed that it has successfully completed the sale of CCC Information Services to the Los Angeles based private equity firm Leonard Green & Partners, L.P.
Terms of the transaction were not disclosed however Investcorp noted that the sale of CCC unlocks over $550 million in proceeds for Investcorp and its investors. CCC was a publicly held company prior to the Investcorp acquisition. Investcorp acquired CCC in 2006 for $26.50 per share. At the time, the value of the transaction was reported to be approximately $495 million. Investcorp said that during the period of their ownership of CCC, since February 2006, CCC’s EBITDA (earnings before interest, taxes, depreciation, and amortization) grew organically by over 50 percent.
Investcorp said that transaction volumes in the industry have been relatively stable and growth has needed to come from market share gains by winning new auto body and insurance customers, or from new product introductions. Investcorp reported that the CCC client base includes more than 350 insurance companies and more than 21,000 repair facilities.