Thoma Bravo, LLC, a private equity investment firm, announced that it has reached an agreement to acquire J.D. Power.
The transaction is expected to close by year end, subject to customary closing conditions. Upon closing, Thoma Bravo plans to partner with J.D. Power’s existing team in the ongoing expansion of the company, with a focus on continued development of enhanced industry insights, advanced analytics and innovative new offerings.
As part of the transaction J.D. Power’s existing management team and employee owners will be rolling over their ownership interest in the company.
“We are thrilled to partner with Thoma Bravo, a firm that clearly understands our space and is well-positioned to help us develop new growth opportunities and continue on our current path of rapid expansion,” said Dave Habiger, J.D. Power president and CEO. “This is an exciting step forward for our company, and we look forward to a fruitful partnership that will help us maximize our company’s fullest potential.”
“J.D. Power is one of the most recognized brands in the world, synonymous with a deep understanding of real-world customer experience, and it provides trusted insight that businesses of every type need in order to make critical strategic decisions,” said Scott Crabill, a managing partner at Thoma Bravo. “More recently, the company has expanded its leadership to include globally recognized experts in several industries, and it has dramatically expanded its analytics and product offerings, leveraging AI, the cloud and big data in ways that really showcase the brand’s significant near-term and long-term growth potential. We look forward to partnering with Dave Habiger and his team to further accelerate the business and build even greater value for J.D. Power’s employees, customers and partners globally.”
“We saw J.D. Power as an iconic brand with strong upside potential and have been greatly impressed with the management team’s accelerating the digitization of the platform, including the successful implementation of AI initiatives and introduction of innovative analytics products,” said Joseph Pacini, a spokesperson for London-based XIO Group. “As we exit our investment, we wish them every success in the years ahead.”
J.D. Power is being advised by Evercore and Cravath, Swaine & Moore LLP.
Kirkland & Ellis is serving as the legal advisor, and Barclays and RBC Capital Markets are acting as financial advisors to Thoma Bravo. Financing for the transaction is being provided by RBC Capital Markets, KKR and SunTrust Bank.