September 5, 2019—San Francisco private equity firm, Genstar Capital, is acquiring a majority stake in OEConnection LLC, reports Crain’s Cleveland Business.
The Richfield, Ohio-based company, that produces software that allows car and heavy truck dealers to sell original equipment parts to other dealers and repair shops, is being acquired from Providence Equity Partners.
Current OEConnection investors, Ford and General Motors, each will retain their majority investments in the company, according to a news release. The deal is expected to close in the third quarter of 2019, with the purchase price at $1.3 billion.
"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, chairman and CEO of OEConnection. “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."
