Bain Capital weighs deal for Advent's CCC insurance software

(Bloomberg) –Bain Capital and TPG Inc. are weighing a deal for CCC Intelligent Solutions Holdings Inc., the car-insurance software provider controlled by Advent International, according to people familiar with the matter. 

Bain and TPG are among suitors that have expressed interest in acquiring the Chicago-based company, said the people, who asked not to be identified because the details are private. 

It’s possible that TPG could team up with Bain or pursue the company on its own, one of the people said.

CCC has been working with an adviser to explore a potential sale and other possible buyers have been circling, the people added. No final decision has been made and Bain and TPG could still decide against a deal.

Shares of CCC have climbed 43% in the past year. They were up 4% to $12.96 at 3:16 p.m. Thursday in New York trading, giving the company a market value of about $8.1 billion. 

Representatives for CCC, Bain, TPG and Advent declined to comment.

TPG was a co-owner of CCC from 2013 to 2017, before selling to Advent.

CCC’s software helps car insurers, repair shops, parts suppliers and other customers in the automotive sector manage claims and estimate repair costs, among other services, according to its website. 

Advent took the company public via a merger with a blank-check company in 2021 and holds 56% of its outstanding, publicly traded shares, according to data compiled by Bloomberg. 

A takeover of CCC would be one of the largest buyouts of the year. The talks come as private equity dealmaking ramps up, as interest rates stabilize and the financing markets stabilize. Roark Capital agreed to buy Subway for $9.6 billion last month while GTCR agreed to pay about $11.7 billion for Fidelity National Information Services Inc.’s payments arm in July. 

Reuters reported this month that CCC was exploring a sale. 

–With assistance from Kamaron Leach and Gillian Tan.