New York, NY – July 8, 2013 – Welsh, Carson, Anderson & Stowe (the “Firm” or “WCAS”), a private equity firm exclusively focused on information/business services and healthcare, today announced it has agreed to buy Service Repair Solutions (“SRS” or the “Company”), a leading provider of mission-critical data, information services and workflow solutions to the automotive service and repair industry, from Warburg Pincus, a leading global private equity firm focused on growth investing. The Company’s solutions were used to inspect, diagnose and repair more than 50 million vehicles in 2012, nearly 1 out of every 5 vehicles on the road.
SRS’s Identifix and iATN businesses are the leading providers of experience-based vehicle diagnostic test and fix information to more than 40,000 automotive service centers in the U.S. and Canada with one-of-a-kind solutions for the diagnosis and repair of automotive problems via an online database, call-in hotline, and online auto technician community/forum. With proprietary data covering more than 590,000 real-world vehicle problems and fixes built over 25 years, Identifix products serve as a single-source of information for out-of-warranty vehicles – “what is wrong” and “how to fix it”. Launched in 1987, Identifix helps automotive repair businesses operate more profitably by providing a unique information resource that enables technicians to fix more vehicles with better results in less time.
The Company’s MPI and Auto Point businesses serve more than 1,000 dealership service shops in the U.S. and Canada. MPI provides software and services that streamline and standardize the vehicle inspection process to improve inspection consistency and quality, and increase repair revenues. Auto Point offers a suite of Customer Relationship Management products for shops to manage and improve their relationships with vehicle owners.
About Welsh, Carson, Anderson & Stowe
Welsh, Carson, Anderson & Stowe focuses its investment activity in two target industries, information/business services and healthcare. Since its founding in 1979, the Firm has organized 15 limited partnerships with total capital of $20 billion. WCAS has a current portfolio of thirty-five companies. The Firm seeks to (i) invest in growth businesses, (ii) partner with outstanding management teams and (iii) build long-term value through a combination of operational improvements, strategic growth initiatives and complementary acquisitions. The Firm is currently investing an equity fund, Welsh, Carson, Anderson & Stowe XI, L.P. See www.welshcarson.com to learn more.
About Warburg Pincus
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $40 billion in assets under management. The firm’s active portfolio of more than 125 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 13 private equity funds which have invested more than $45 billion in over 675 companies in more than 35 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Frankfurt, Hong Kong, London, Luxembourg, Mumbai, Port Louis, San Francisco, São Paulo and Shanghai. For more information please visit www.warburgpincus.com.