Toronto, Ontario -- Francisco Partners, a global investment firm specializing in technology businesses, is acquiring a majority stake in OEConnection, the software platform serving the automotive after-sales ecosystem, from Genstar Capital.
The terms of the deal were not disclosed.
OEC, founded in 2000 by several vehicle manufacturers including Ford Motor Company and General Motors, provides software and data solutions enabling parts distribution, repair-shop workflows and dealer-wholesaler connectivity across six countries, with 1 ,500 employees, 45 manufacturers, 30 ,000 dealers and 135,000 wholesale customers.
OEC’s chief executive officer Patrick Brown (pictured) said joining forces with Francisco Partners will allow the company to build on current momentum, enhance its offerings in collision and mechanical repair and continue its global expansion, while Genstar, Ford and General Motors will remain minority shareholders.
Francisco Partners partner Petri Oksanen said OEC’s mission of “eliminating the pain in the vehicle repair process” aligns with the firm’s strategy to invest in companies undergoing technological shifts, and Francisco Partners expects to support OEC’s next growth chapter with additional resources.
