Investcorp Deals CCC To Leonard Green

Investcorp, one of the Middle East’s largest private equity houses, has sold CCC Information Services to Los Angeles buyout shop Leonard Green & Partners, the Bahrain-based firm said.

No value for the sale of the insurance industry software provider was given, but it unlocks more than $550 million in proceeds for Investcorp and its investors, sister news service Reuters reported. CCC’s EBITDA has increased by more than 50 percent since Investcorp acquired the company in February 2006, the firm added.

This is Investcorp’s second exit from a North American asset in the past three months, after it sold truck and trailer parts distributor FleetPride to private equity firm TPG Capital for more than $1 billion in November. Investcorp, which previously took public luxury brands Gucci and Tiffany & Co., had $11.5 billion in assets under management at June 30.

Los Angeles-based Leonard Green, in partnership with Ares Management, acquired hospital staffing company CHG Healthcare Services from J.W. Childs Associates in October in a deal said to be worth around $1 billion.

David French is a correspondent for Reuters in Dubai.