OEConnection Holdings, LLC, the holding company whose portfolio includes OEC, the leading automotive technology provider for original equipment manufacturers’ (OEM) distribution networks, has added to its portfolio by signing a definitive agreement to purchase Clifford Thames Group, a leader in automotive data creation and management.
Based in Chelmsford, Essex, Clifford Thames manages information on millions of car parts which is used by manufacturers and leasing companies to manage vehicle repairs and maintenance. Its customers include Ford, General Motors, Jaguar Land Rover, Hyundai, Mercedes-Benz, Renault and VW Group.
Operating from offices in seven countries across Europe, North America and Asia Pacific and employing almost 500 people, the business was originally founded in 1948 as a publisher of local newspapers, including the Stoke Newington and Hackney Observer. It evolved into data services in the 1970s after selling off its newspaper publishing interests.
LDC backed the £50m management buyout of the business in 2014 with a strategy to expand its services in new overseas markets. Clifford Thames subsequently made two strategic acquisitions, AC Autoconsult in Germany and a Ford Electronic Parts Catalogue platform.
The deal is subject to customary conditions including receipt of required regulatory approval and is expected to close by the end of the second quarter 2017.
Jones Day is advising OEConnection Holdings, LLC on the deal with a team led by Michael Weir (picture) and John Saada.
Law Firms: Jones Day;
Clients: OEConnection LLC;