Richfield, OH-based OEConnection (OEC), a technology provider to automotive OEM distribution networks, has signed an agreement to acquire Bluegrasscoms (BGC), a United Kingdom-based automotive business consultancy and service provider focused on the collision and aftersales market segments. Financial terms of the pending transaction were not disclosed.
The deal is subject to customary conditions, including receipt of regulatory approval. It is expected to close during the fourth quarter. OEC plans to continue to operate from its numerous offices internationally, as well as maintain its global headquarters in Ohio; its European headquarters in Chelmsford, England; and the BGC office in Newbury, England.
BGC streamlines key operations for customers across Europe, with a focus on the collision industry. Its Vision software provides body shops with one-stop access to original equipment parts from OEMs, providing pricing, availability and backorder status.
The combination of the two businesses would allow OEC to provide the collision platform to current and prospective European OEM customers. “Bluegrasscoms extends the OEC footprint and will help us grow both in the depth and breadth of our offerings with new and existing customers,” said Chuck Rotuno, OEC’s chairman and CEO.
“Whilst BGC is recognized as the leading collision and aftersales service provider in the U.K., working with Chuck and his OEC management team will provide us with a strong platform to further accelerate our European expansion,” said BGC CEO Stuart Bartlett.
Davis Noell is the managing director of Providence Equity Partners, majority owner of OEC. He called the pending acquisition of BGC a critical step in OEC’s strategy to expand its global reach in the automotive technology industry. “Given OEC’s continued strong organic growth and the acquisition of BGC, the company now expects to exceed $160 million in revenue in 2018,” Noell said.