Solera Holdings has signed a definitive agreement to purchase equity interests in Service Repair Solutions (SRS) from an affiliate of the private equity firm Welsh, Carson, Anderson & Stowe. SRS is the parent company to Identifix, iATN, MPI and Auto Point. The transaction is subject to customary closing conditions, including Hart-Scott-Rodino clearance, and is expected to close in the quarter ending Dec. 31, 2013.
The combination broadens Solera’s reach into the mechanical repair market, both aftermarket and OEM. Solera is a global provider of software and services for the automobile claims processing industry.
This comes a few months after Welsh, Carson, Anderson & Stowe announced a deal to buy SRS from another private equity group, Warburg Pincus. Now, Solera has agreed to purchase at least 50 percent of the joint-venture shares for roughly $289 million. Solera will have the right to call 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, and Tony Aquila will be its chairman.
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