Genstar Capital to Acquire Majority Stake in OEConnection from Providence Equity
Summary
OEC was founded in 2000 as a partnership between several OEMs, including Ford and General Motors, to provide high-quality technology solutions to facilitate the sale of OE replacement parts between automakers and franchised dealers and their wholesale customers. Since its founding, the company has expanded to also provide software and technology solutions in the data, supply chain and service segments of OEMs’ businesses. “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 OEC. We will provide the additional investment capital and resources to support realization of the company’s growth strategies.” Added Genstar Managing Director Eli Weiss, “Our investment focus in the software sector is to identify companies operating in dynamic markets with opportunities to accelerate growth. We will aggressively identify key acquisitions and opportunities to broaden OEC’s product mix, expand its geographic footprint and enter adjacent market segments.
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