Welsh, Carson, Anderson & Stowe has agreed to buy Service Repair Solutions, a provider of data and information services to the automotive service and repair industry, from Warburg Pincus which first invested in Service Repair Solutions in 2003.
Service Repair Solutions (SRS) provides services to the automotive services and repair industry at the point of delivery. SRS currently serves about 100,000 automotive technicians through three products: MPI EDGE, Identifix and International Automotive Technicians’ Network (iATN). The company’s products were used to inspect, diagnose and repair more than 50 million vehicles in 2012. SRS is based in Las Vegas (www.servicerepairsolutions.com).
Warburg Pincus provided seed funding for SRS in 2003 and has supported the development of the company including sponsoring the purchase of Identifix in 2005 and the purchase of iATN in 2007.
Warburg Pincus has more than $40 billion in assets under management and has raised 13 private equity funds which have invested more than $45 billion in approximately 675 companies in 35 countries. The firm was founded in 1966 and is headquartered in New York with offices in Amsterdam, Beijing, Frankfurt, Hong Kong, London, Luxembourg, Port Louis, Mumbai, San Francisco, Sao Paulo and Shanghai (www.warburgpincus.com).
Welsh Carson is focused exclusively on investments in business, information and healthcare services. Since its founding in 1979, Welsh Carson has organized 15 limited partnerships with total capital of over $20 billion. The firm is currently investing through its latest fund, Welsh, Carson, Anderson & Stowe XI, LP, and is based in New York (www.welshcarson.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 7-9-13
