EurotaxGlass’s, a provider of automotive data, has been acquired by Candover from HM Capital Partners LLC (formerly Hicks, Muse, Tate & Furst Incorporated), for EUR480m.
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Candover, a European buyout specialist, brings extensive experience of investing in organisations offering data, solutions and business intelligence. Under the terms of the acquisition, the EurotaxGlass’s business – spread across 28 countries throughout Europe – will continue to be led by the existing management team under CEO Kevin Gaskell.
“This agreement opens up an exciting new chapter for EurotaxGlass’s, allowing us to continue our investment in product development and explore opportunities to build on our international presence,” said Gaskell. “Candover is committed to supporting the existing management structure – both at a group and national level – and will give us the resources we need to maintain our track record of delivering continued year-on-year organic growth. The company’s next phase of development will see the roll-out of new digital information products to reinforce our unrivalled position within the European automotive marketplace.”
Candover managing director Charlie Green said: “EurotaxGlass’s fits Candover’s investment criteria well; we seek to back strong management teams operating in sectors with attractive market dynamics and high barriers to entry. EurotaxGlass’s occupies a unique position as the only provider of comprehensive automotive intelligence on a pan-European basis, and has a strong management team with an excellent track record of operational improvement. The business is well invested and cash generative and capable of delivering strong organic growth.”
Candover has previous expertise in the data and business intelligence market following investments in Bureau van Dijk Electronic Publishing and Wood Mackenzie, as well as experience of the automotive sector via its investments in Camden Motors and Thule.
EurotaxGlass’s was formed in 2000 through the merger of UK-based Glass’s Information Services and Eurotax AG, which had locations in a number of key European markets. The organisation has since expanded rapidly through acquisition and organic growth. EurotaxGlass’s claims to be the only provider of business-critical data, analysis, services and solutions with pan-European capability.
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By GlobalDataIt has 150,000 customers operating in all areas of the automotive sector – including vehicle manufacture, vehicle retail and distribution; fleet and contract hire; vehicle service and repair; finance and insurance; and component supply.
