Genstar Capital has acquired a majority stake in OEConnection LLC, a global automotive technology provider for OEM distribution networks. No financial terms were disclosed. Ford Motor Company and General Motors will each retain their minority investments in OEC.
CLEVELAND AND SAN FRANCISCO (PRWEB) SEPTEMBER 26, 2019
OEConnection LLC (“OEC” or the “Company”), the leading global automotive technology provider for OEM distribution networks, and Genstar Capital (“Genstar”), today announced they have finalized a deal for Genstar to acquire a majority stake in OEC. This transaction was first announced on August 1, 2019. Current investors, Ford Motor Company and General Motors, will each retain their minority investments in the Company.
Financial terms of the transaction were not disclosed.
OEC was founded in 2000 as a partnership between several original equipment manufacturers (“OEMs”), including Ford and General Motors, to provide high-quality technology solutions to facilitate the sale of original equipment replacement parts between automakers and franchised dealers and their wholesale customers. Since its founding, the Company has expanded to also provide software and technology solutions in the data, supply chain and service segments of OEMs’ businesses. Today, OEC is a leading provider of software solutions and data to the original equipment parts industry and is one of the industry’s only end-to-end comprehensive platforms, serving more than 30,000 auto dealers globally, 36 global OEM brands and more than 135,000 global auto repairers.
“We are thrilled to join forces with Genstar as we continue to work to expand the OEC footprint and our product and service offerings for customers across the globe,” said Chuck Rotuno, OEC Chairman & CEO. “Genstar has an impressive track record of partnering with companies in the software sector to accelerate growth and transformational change.”
OEC is the leading global automotive technology provider for OEM distribution networks. Its suite of ecommerce, pricing, supply chain, service, business intelligence, parts cataloging, data solutions, and services helps automakers and their dealer networks sell more OE parts in the collision, fleet, mechanical and retail segments, as well as dealers’ own service lanes. OEC serves more than 30,000 auto dealers globally, 36 global OEM brands and more than 135,000 global auto repairers. The company is headquartered in the greater Cleveland area at 4205 Highlander Parkway, Richfield, Ohio, USA, 44286. Additional information is available at http://www.oeconnection.com
About Genstar Capital
Genstar Capital (http://www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $17 billion of assets under management and targets investments focused on targeted segments of the financial services, healthcare, industrial technology and software industries.