CarProof, a portfolio company of U.S. private equity firm Hellman & Friedman, has bought vehicle valuation guide Canadian Red Book Ltd, according to a report by Canadian Auto World.
The value of the acquisition, which became official on June 2, was not disclosed, the report said.
Canadian Red Book provides a detailed and regularly updated listing of cars and light duty trucks, according to the company’s website. The data, which can be accessed online, are primarily used by appraisers, automobile dealers, insurance companies and other financial institutions, and governments.
Quoting a letter to Canadian Red Book subscribers from Carproof president and CEO Paul Antony, Canadian Auto World reports the acquired company as having been in operation for more than 30 years.
Founded in 2000, the London, Ontario-based CarProof is a supplier of comprehensive used vehicle history reports. Reports consist of real-time data to give consumers a complete history of their vehicle including accident information, cross-Canada lien search information and full U.S. history. The company says it has more than 5,000 car dealers and other customers.
In 2013, Carproof was listed on Canada’s Deloitte Technology Fast 50 and North America’s Deloitte’s 2013 Technology Fast 500. On the Canadian list, it was reported as having shown 263 percent revenue growth.
Last August, Carproof sold a minority stake in its business to Hellman & Friedman for an undisclosed sum. The transaction was completed by Hellman & Friedman Capital Partners VII, which closed at US$8.8 billion in 2009.
At the time of the deal, Patrick Healy, deputy CEO of Hellman & Friedman, said, “CarProof is at the intersection of two areas of expertise for Hellman & Friedman—investing in world class data and information services businesses and partnering with exceptional business leaders like Paul Antony and his co-founders through minority investments.”
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