Pittsburgh Glass Works, which is backed by Kohlberg & Company, has agreed to sell its Insurance & Services business unit (“I&S”) to Solera Holdings. Financial terms weren’t announced. I&S consists of LYNX Services, GTS Services, and GLAXIS. The unit provides services such as clams management, call center and software for glass retailers. Goldman Sachs acted as financial advisor to PGW.
Pittsburgh Glass Works (“PGW”) announced today that it has signed a definitive agreement to sell its Insurance & Services business unit (“I&S”) to Solera Holdings, Inc. (“Solera”) (NYSE:SLH) of Westlake, TX. Solera is a leading global provider of software and services to the automobile insurance claims processing and decision support industries. I&S consists of LYNX Services, GTS Services, and GLAXIS™, and is a leading provider of claims management services; call center services; proprietary software and business management tools for glass retailers; and electronic connectivity solutions for insurance companies, parts suppliers, and retail installers. The transaction is expected to close by June 30, 2014.
The combination of I&S and Solera will create a meaningful business platform in claims management services and provides significant value to the shareholders, customers and employees of both companies. Of equal importance, PGW and Solera will collaborate in a long-term strategic relationship to further strengthen the provision of auto glass claims management services and supply to insurance companies and consumers through the I&S ARG Alliance and PGW’s North American auto glass fulfillment distribution network. Goldman, Sachs & Co acted as financial advisor to PGW and Ropes & Gray LLP acted as its legal counsel.
Solera is a leading global provider of software and services to the automobile insurance claims processing and decision support industries. Solera is active in over 65 countries across six continents. For more information, please refer to Solera’s website at http://www.solerainc.com.
About Pittsburgh Glass Works
Founded in 1883, Pittsburgh Glass Works LLC is a long-standing pioneer in the automotive glass market. PGW is a global leader in the manufacturing and distribution of a full range of automotive glass products including windshields, sidelites, backlites and sunroofs. PGW’s products serve the automotive original equipment market as well as the aftermarket. For more information, please refer to PGW’s website at http://www.pgwglass.com.