TPG-Backed CCC Information Services Said to Mull Saleby
TPG, Leonard Green said working with adviser to find a buyer
Chicago-based CCC provides software for auto-insurance claims
CCC Information Services Inc., a provider of software for auto-insurance claims, is exploring a sale that may value the company at $3 billion, people with knowledge of the matter said.
Backers TPG and Leonard Green & Partners are working with an adviser to find a buyer for the Chicago-based company, said the people, who asked not to be identified because the information is private.
A spokesman for TPG declined to comment. Spokesmen for Leonard Green and CCC didn’t respond to e-mails seeking comment.
Leonard Green agreed to buy CCC from Bahrain-based Investcorp SA in November 2012 in a deal which fetched Investcorp and its backers more than $550 million in proceeds, according to a statement at the time. The firm then almost immediately sold a 50 percent stake in the company to TPG, with plans to expand in Asia.
TPG, which raised $10.5 billion for its seventh buyout fund last year, has been an active acquirer in the software market. The group, led by Bryan Taylor, bought a 51 percent stake in Intel Corp.’s computer-security unit, McAfee, in September, and agreed in December to acquire Mediware Information Systems Inc. from Thoma Bravo.
CCC, founded in 1980, also operates the brands DriveFactor and Auto Injury Solutions. The company’s client base includes more than 350 insurance companies and more than 22,000 repair facilities, according to its website.