DUBAI: Investcorp, one of the Middle East’s largest private equity houses, has sold CCC Information Services to US-headquartered Leonard Green & Partners, the Bahrain-based firm said yesterday.
No value for the sale of the insurance industry software provider was given, but it unlocks more than $550m in proceeds for Investcorp and its investors, the private equity house said. CCC’s EBITDA (earnings before interest, tax, depreciation and amortisation) has increased by more than 50 percent since Investcorp acquired the firm in February 2006, it 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 for over $1bn in November.
Investcorp, which previously took public luxury brands Gucci and Tiffany & Co, had $11.5bn in assets under management as at June 30.
Reuters
