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News Solera acquires Service Repair

Solera acquires Service Repair

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Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

 

Westlake-based Solera Holdings Inc., a global provider of software and services to the automobile insurance claims processing industry, said Oct. 3 it has signed a definitive agreement to purchase equity interests in a parent company of Service Repair Solutions Inc. from an affiliate of private equity firm Welsh, Carson, Anderson & Stowe. The transaction is subject to customary closing conditions, including Hart-Scott-Rodino clearance, and is expected to close in second quarter 2014. Tony Aquila, Solera’s founder, chairman and chief executive officer, said in a news release,

“We are thrilled to be working with Welsh Carson and SRS’s management team, as we believe we can help them build upon the double-digit top-line growth that SRS has enjoyed over the last five years.” SRS is a leading provider in the $200 billion service, maintenance and repair market. The company’s diagnostic and repair database includes more than 800,000 user and expert-generated, mechanical diagnoses, and is used by 225,000 auto technicians in 50,000 repair shops in the U.S. and Canada.

Under the terms of the transaction, Solera will acquire at least 50 percent of the joint venture shares for $289 million. Solera will have the right to all Welsh Carson’s joint venture shares, and Welsh Carson will have the right to put its joint venture shares to Solera. Solera will have operational control of the joint venture, with Aquila serving as chairman. According to Solera, during its fiscal year 2014, the transaction is expected to generate revenue of between $80 and $82 million and adjusted net income per common share of between 20 and 22 cents.

Solera is active in more than 60 countries across six continents. The Solera companies include Audatex in the United States, Canada and in more than 45 additional countries; Informex in Belgium and Greece; Sidexa in France; ABZ and Market Scan in the Netherlands; HPI in the United Kingdom; Hollander serving the North American recycling market; AUTOonline providing salvage disposition in several European and Latin American countries; IMS providing medical review services; and Explore providing data and analytics to U.S. property and casualty insurers. Solera Holdings Inc. trades on the New York Stock Exchange under the symbol “SLH.”

bdillard@bizpress.net  


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