Buyout house Candover is to acquire EurotaxGlass (ETG), an automotive data specialist, from HM Capital Partners (formerly Hicks, Muse, Tate & Furst), for an enterprise value of €450m. ETG has its roots in two companies: the UK’s Glass’s Information Systems, which Hicks Muse acquired in 1998, and Eurotax, which it bought in 2000. The two businesses were merged and it now serves over 150,000 customers from its headquartered in Switzerland.
Candover’s investment is taken from its Candover €3.5bn 2005 Fund, which closed in November 2005. Bank of Scotland acted as underwriters of the debt and mezzanine financing.
ETG collects automotive data, such as new car pricing, used car valuations, technical specifications, repair and maintenance part lists and pricing, and technical reference materials for over 500,000 vehicle types from 1,000 manufacturers. The company then translates this into commercially valuable analysis that is sold in 28 countries across Europe to more than 150,000 customers.