OEConnection LLC, a global automotive technology provider for OEM distribution networks, Providence Equity Partners LLC and Genstar Capital, today announced a definitive agreement under which Genstar will acquire a majority stake in OEC from funds advised by Providence.
As part of the transaction, current investors Ford Motor Company and General Motors will each retain their minority investments in the company. Financial terms of the transaction were not disclosed.
OEC was founded in 2000 as a partnership between several original equipment manufacturers, including Ford and General Motors, to provide high-quality technology solutions to facilitate the sale of original equipment replacement parts between automakers and franchised dealers and their wholesale customers.
Chuck Rotuno, OEC Chairman & CEO said: “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.
“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.”
Geoff Miller, Director at Genstar, said: “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 realisation of the Company’s growth strategies.”