PE Firm Bain Capital Weighs Deal for Introduction’s CCC Insurance coverage Software program

Bain is amongst suitors which have expressed curiosity in buying the Chicago-based firm, mentioned the folks, who requested to not be recognized as a result of the main points are non-public. Different bidders are circling CCC, no closing choice has been made and Bain may may choose towards pursuing a deal, the folks mentioned. CCC has been working with an adviser to discover a sale, they mentioned.

CCC rose 2.1% to shut at $12.41 in New York buying and selling Thursday, giving the corporate a market worth of about $7.8 billion.

Representatives for Bain and Introduction declined to remark. A spokesperson for CCC didn’t instantly reply to requests for remark.

PE Firm Advent Eyes Sale of Car Insurance Software Vendor CCC: Sources

CCC’s software program helps automobile insurers, restore retailers, elements suppliers and different clients within the automotive sector handle claims and estimate restore prices, amongst different providers, in response to its web site.

Introduction took the corporate public via a merger with a blank-check firm in 2021 and holds 56% of its excellent, publicly traded shares, in response to information compiled by Bloomberg.

A takeover of CCC can be one of many largest buyouts of the yr. The talks come as non-public fairness dealmaking ramps up, as rates of interest stabilize and the financing markets stabilize. Roark Capital agreed to purchase Subway for $9.6 billion final month whereas GTCR agreed to pay about $11.7 billion for Constancy Nationwide Data Providers Inc.’s funds arm in July.

Reuters reported earlier that CCC was exploring a sale.

–With help from Kamaron Leach and Gillian Tan.

{Photograph}: The John Hancock Tower, Bain Capital’s headquarters, in Boston. Picture credit score: Brent Lewin/Bloomberg

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