Francisco Partners, a global investment firm that specialises in partnering with technology businesses, has acquired OEConnection LLC (OEC), an end-to-end platform for the automotive aftersales ecosystem, from Genstar Capital (Genstar), a private equity firm focussed on investments in targeted segments of the software, financial services, industrials, and healthcare industries. Financial terms of the transaction were not disclosed.
OEC was founded in 2000 as a partnership between several original equipment manufacturers (OEMs), including Ford and General Motors, to provide technology solutions to facilitate the sale of equipment replacement parts between automakers and franchised dealers and their wholesale customers. OEC has subsequently expanded its capabilities and operates across an automotive aftersales network which includes serving OEMs, repair shops, and aftermarket suppliers.
The firm’s presence spans six countries, 1,500 employees, and a customer base that includes 45 manufacturers, 30,000 auto dealers, and 135,000 wholesale customers.
Evercore is serving as exclusive financial advisor and Ropes and Gray LLP is serving as legal advisor to Genstar. Citi and TD Securities are serving as financial advisors and Paul Hastings LLP is serving as legal advisor to Francisco Partners.
