Bain Capital is weighing a deal for CCC Intelligent Solutions Holdings Inc., the car-insurance software provider controlled by Advent International, according to people familiar with the matter.
Bain is among suitors that have expressed interest in acquiring the Chicago-based company, said the people, who asked to not be identified because the details are private. Other bidders are circling CCC, no final decision has been made and Bain could could opt against pursuing a deal, the people said. CCC has been working with an adviser to explore a sale, they said.
CCC rose 2.1% to close at $12.41 in New York trading Thursday, giving the company a market value of about $7.8 billion.
Representatives for Bain and Advent declined to comment. A spokesperson for CCC didn’t immediately respond to requests for comment.
PE Firm Advent Eyes Sale of Car Insurance Software Vendor CCC: Sources
CCC’s software helps car insurers, repair shops, parts suppliers and other customers in the automotive sector manage claims and estimate repair costs, among other services, according to its website.
Advent took the company public via a merger with a blank-check company in 2021 and holds 56% of its outstanding, publicly traded shares, according to data compiled by Bloomberg.
A takeover of CCC would be one of the largest buyouts of the year. The talks come as private equity dealmaking ramps up, as interest rates stabilize and the financing markets stabilize. Roark Capital agreed to buy Subway for $9.6 billion last month while GTCR agreed to pay about $11.7 billion for Fidelity National Information Services Inc.’s payments arm in July.
Reuters reported earlier that CCC was exploring a sale.
–With assistance from Kamaron Leach and Gillian Tan.
Photograph: The John Hancock Tower, Bain Capital’s headquarters, in Boston. Photo credit: Brent Lewin/Bloomberg
Copyright 2023 Bloomberg.
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Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.