Term Sheet

The latest on private equity, M&A, deals and movements — from Wall Street to Silicon Valley

Exclusive: TPG buys half of CCC Information Services

June 12, 2013: 11:32 AM ET

CCC_Information_ServicesPrivate equity firm quietly partners on half-billion dollar deal.

FORTUNE -- Private equity firm Leonard Green announced in January that it had paid more than $500 million to acquire CCC Information Services, a Chicago-based provider of software and workflow tools to the automotive insurance claims and collision repair markets.

What Leonard Green didn't announce, however, was that it then planned to sell around 50% of its interest in CCC to TPG Capital.

Fortune has confirmed the transaction with multiple sources, who say that discussions between the two firms began after Leonard Green had signed the original term sheet last November with seller Investcorp.

TPG was viewed as a particularly attractive partner due to its deep experiences in China, which CCC was seeking to expand. TPG also had deep software expertise, and had worked repeatedly with Leonard Green on other deals like Petco, J. Crew and Savers.

Both private equity firms declined to comment.

Sign up for Dan's daily email newsletter on deals and deal-makers: GetTermSheet.com

Join the Conversation
About This Author
Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

Email a Tip | @danprimack | RSS
Current Issue
  • Give the gift of Fortune
  • Get the Fortune app
  • Subscribe
Powered by WordPress.com VIP.