Middle East-based private equity firm Investcorp has sold CCC Information Services, a North American provider of software to the insurance automotive claims and collision repair industries, to US-based private equity firm Leonard Green & Partners.
Although full financial terms of the deal were not disclosed, Investcorp said in a statement that the sale unlocks more than $550m in proceeds for the firm and its investors.
Investcorp bought Chicago-based CCC in February 2006 for $495m. Since that time, the company’s EBITDA has grown organically by more than 50 per cent, Investcorp said.
Following Investcorp North America’s sale of FleetPride to TPG Capital in November last year, the two deals have generated more than $1bn in sale proceeds.
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