15 Jan 2013
(MENAFN) Bahrain’s private equity house Investcorp stated that it has sold CCC Information Services to Los Angeles-based Leonard Green & Partners, reported Arabian Business.
The company, which didn’t disclose the value of the deal, said that since its acquisition of the insurance industry software provider in February 2006, the latter’s EBITDA (earnings before interest, tax, depreciation and amortization) has grown by more than 50 percent.
The firm, one of the largest private equity houses in the Middle East, added that the proceeds of the sale will exceed USD550 million.
It is worth noting that in November, Investcorp sold FleetPride, the truck and trailer parts distributor; to private equity firm TPG in a deal valued at more than USD1 billion.
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