Genstar Capital has completed its acquisition of Richfield, OH-based OEConnection LLC (OEC), a global automotive technology provider for OEM distribution networks. Current investors the Ford Motor Company and General Motors will each retain minority investments in OEC. Financial terms of the transaction were not disclosed.
OEC started in 2000 as a partnership between several OEMs, including Ford and GM, to provide technology to facilitate the sale of OE replacement parts between automakers, franchised dealers and their wholesale customers. Since its founding, the company has expanded to also provide software and technology in the data, supply chain and service segments of OEMs’ businesses.
According to OEC, the company now serves more than 30,000 auto dealers globally, 36 global OEM brands and over135,000 auto repairers.
“We are thrilled to join forces with Genstar as we continue to work to expand the OEC footprint and our product and service offerings for customers across the globe,” OEC Chairman and CEO Chuck Rotuno said in a Sept. 26 announcement. “Genstar has an impressive track record of partnering with companies in the software sector to accelerate growth and transformational change.”
Genstar is a San Francisco-based private equity firm that currently has roughly $17 billion in assets under management. Its investments target the financial services, healthcare, industrial technology and software industries.
Genstar is no stranger to the auto care industry. Among its holdings are BBB Industries; Ohio Transmission Corp., a Tier-1 parts supplier; and Innovative Aftermarket Systems (IAS), a marketer, administrator, and underwriter of vehicle protection products and related services sold through auto dealers.