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Genstar Capital is evaluating a sale of automotive software provider OEConnection, which may value the company at as much as $5 billion, including debt.
The private equity shop is working with Evercore on a potential sale of OEConnection, which is backed by Ford (NYSE:F) and General Motors (NYSE:GM), according to a Reuters report on Monday, which cited people familiar with the matter. A sale process is expected to start later this year.
Genstar declined to comment to Reuters, while Evercore and OEConnection weren’t immediately available to comment.
Genstar acquired a majority stake in OEConnection in 2019 from PE shop Providence Equity Partners. OEC was founded in 2000 as a partnership between several original equipment manufacturers including Ford and General Motors, to provide technology solutions to facilitate the sale of original equipment replacement parts between automakers and franchised dealers and their wholesale customers.
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