Leonard Green
Exclusive: TPG buys half of CCC Information Services
June 12, 2013: 11:32 AM ET
Private 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.
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Leonard Green passes $6 billion mark
Bloomberg reported last week that Leonard Green & Partners had secured $5.8 billion in limited partner commitments for its sixth buyout fund, and that the total would push beyond $6 billion with the GP commit.
My understanding is that the information is accurate (the GP commit is $250 million), except that Leonard Green still is seeking to hit its $6 billion hard cap from outside investors. In other words, the total could MORE
Dan Primack - Apr 16, 2012 10:54 AM ETPosted in: Leonard Green, Private Equity -
Leonard Green hits $5 billion mark
Bloomberg yesterday reported that Leonard Green & Partners has "raised about $4 billion for its sixth fund." It's accurate, but also incomplete.
My understanding is that the Los Angeles-based firm actually is at its $5 billion target, if you include both closed and hard-circled commitments. It's just that some investors in the latter boat can't formally close until calendar 2012, due to allocation issues.
Leonard Green no longer is marketing the fund to MORE
Dan Primack - Dec 22, 2011 12:52 PM ETPosted in: Leonard Green, Private Equity -
Leonard Green raising $5 billion
Leonard Green & Partners is raising $5 billion for its sixth private equity fund, according to a regulatory filing.
The Los Angeles-based firm invests in a variety of industry sectors, but is best known a retail portfolio that currently includes Sports Authority, Niemen Marcus and Whole Foods (WFM). Soon it plans to add BJ's Wholesale Club (BJ), via a $2.8 billion take-private acquisition in partnership with CVC Capital Partners.
The firm's SEC filing MORE
Dan Primack - Sep 27, 2011 2:18 PM ETPosted in: Leonard Green, Private Equity
