Private equity firm, Genstar Capital will acquire a majority stake in OEConnection from Providence Equity Partners with Ford and GM to retain minority investments.
OEConnection (OEC) was founded in 2000 to provide high-quality technology solutions to automakers and franchised dealers which facilitate the sale of OE replacement parts.
The company has expanded to also provide software and technology solutions in the data, supply chain, and service segments of OEMs’ businesses.
Today, OEC serves more than 30,000 auto dealers globally, 36 global OEM brands and more than 135,000 global auto repairers.
“We are pleased to partner with the Genstar team as we continue our positive momentum and further expand OEC’s product and service offerings for our customers around the world,” said Chuck Rotuno, OEC chairman & CEO. “We look forward to the benefit of Genstar’s industry expertise and strategic insights from their many years of investing in the software sector. We are grateful to Providence for their support and guidance over the past three years, which has certainly helped transform OEC into a larger, high-growth business with a global footprint and enhanced capabilities.”
San Francisco-based Genstar Capital has been actively investing in high quality companies for over 30 years focusing on targeted segments of the financial services, healthcare, industrial technology and software industries.
“We are excited to partner with OEC and its senior leadership team in this next chapter for the Company. The team has built an impressive business delivering high value solutions to OEMs, OEM dealer networks, collision specialists, and auto repair professionals. We will provide the additional investment capital and resources to support realization of the Company’s growth strategies,” said Geoff Miller, director at Genstar.
The transaction is expected to close in the third quarter of 2019, subject to customary closing conditions.