HgCapital has made an undisclosed investment in Eucon. Headquartered in Germany, Eucon is a provider of automotive data and insurance claims management services.
24 April 2015: HgCapital has today announced an investment in Eucon, a leading provider of automotive data and insurance claims management services, in partnership with the management team and founders who retain a significant interest in the business. The investment was made from HgCapital’s Mercury Fund which focuses on backing growth buyouts in the software and technology enabled services sectors in Europe. The terms of the transaction were not disclosed.
Founded in 1997 by brothers, Marcel and Maurice Oosenbrugh, Eucon is a leading provider of automotive parts pricing data & services to vehicle and parts manufacturers globally. The business is also a leading provider of highly automated claims management services to insurers in Germany. In the automotive data business, Eucon collects, processes and supplies crucial data to help its customers manage their parts and aftermarket operations. In the insurance claims management business, Eucon supports insurers to achieve lasting reductions in claims expenditure through sophisticated automation of claims processes and the application of structured data. Eucon has c. 250 staff and is headquartered in Germany with offices in the USA, Romania and Brazil serving nearly 200 clients operating in 40 countries.
The investment in Eucon results from considerable sector work undertaken in recent years in automotive information and software and follows prior investments in the automotive space including: Epyx (an electronic network serving vehicle fleet operators and repair shops); Parts Alliance (a buying group and distribution network for after-market car parts) and ZenithLeasedrive (vehicle leasing services). HgCapital also has considerable experience in insurance software and broking having invested in Relay software (broking and underwriting software), Sequel Business Solutions (complex risk software) and A Plan (leading UK broker of personal lines insurance) in the last year.
HgCapital will support Eucon’s founders and management in continuing to add global reach to bring its expertise in software and data to add further functionality for all of its customers.
Kai Romberg, a partner in the HgCapital TMT team, said:
“Eucon is a very high-quality data business offering attractive growth prospects both in the automotive and insurance sectors. We are excited about the opportunity to back Eucon’s Founders, Marcel and Maurice Oosenbrugh who have worked tirelessly with their management team to create a formidable industry champion. We look forward to partnering with them to expand the company’s product offering and grow its international presence transforming the business into a global sector champion.”
Marcel and Maurice Oosenbrugh, Co-founders of Eucon, said:
“In HgCapital we have found a true partner who we believe is best suited to take our company forward to its next level of development. HgCapital has deep sector knowledge and an excellent track record of building strong sustainable businesses. We are confident that together we will be able to provide an even more improved service to our clients and further expand our offering internationally.”