Richfield’s OEConnection LLC, an automotive technology provider for OEM distribution networks, Providence Equity Partners L.L.C. and San Francisco private equity firm Genstar Capital are pursuing an agreement under which Genstar will acquire a majority stake in OEC from funds advised by Providence.
OEC serves more than 30,000 auto dealers globally, 36 global OEM brands and more than 135,000 global auto repairers.
"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 OEC Chairman & CEO Chuck Rotuno. "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."
The transaction is expected to close in the third quarter of 2019, subject to customary closing conditions.
UBS Investment Bank is serving as financial adviser and Debevoise & Plimpton LLP is serving as legal adviser to OEC and its shareholders, including Providence. Willkie Farr & Gallagher LLP is serving as legal adviser to Genstar.
