CarProof has sold a minority stake to Hellman & Friedman, a San Francisco-based private equity investment firm.
Financial terms were not disclosed, but CarProof officials said the company was seeking a partner to help the organization grow “strategically and organically.”
Ed Woiteshek from Hellman & Friedman said the firm recognized that the vehicle history report industry has strong potential.
“Hellman & Friedman has a vast amount of experience across multiple industries and a fantastic track record of partnering with and scaling outstanding franchises,” said Paul Antony, president and CEO at CarProof.
Jefferies LLC acted as financial advisor to CarProof. Founded in 2000, CarProof provides bilingual vehicle history reports and live real-time data to provide consumers with a complete history of their vehicle including accident information, cross-Canada lien search information and full U.S. history.
In addition to being nominated as one of Canada's 50 Best Managed Companies in 2009, 2010, 2011 (winner) and 2012 (winner), CarProof was also honoured with Deloitte's 2011 and 2012 Technology Fast 500 and Fast 50 Awards.