A Leeds-headquartered provider of vehicle valuation information which is a major supplier to the world's automotive industry has been sold by Montagu Private Equity for £288m.
CAP Automotive, which was founded in 1979 and is based in a Bond Court office complex, has been acquired by Solera Holdings, a provider of risk and asset management software and services to the automotive and property marketplace.
CAP's data and information systems serve clients in sectors, including motor retail, fleet, finance and insurance. It employs a workforce of about 130.
The group's current used car values are recognised as an independent benchmark for residual values performance across the disposals industry and CAP Gold Book and Gold Book iQ are the well-recognised residual values forecasting tools in the contract hire and leasing sector.
Montagu said it had supported the incumbent management team to grow the business through investment in its products and continued expansion into new market segments.
Montagu acquired CAP in 2012 and has since increased its workforce by more than 75 per cent, growing revenue by more than 40 per cent to £22m.
Ian Rendle, chief executive of CAP, said: "CAP has enjoyed significant growth under Montagu's ownership and we thank them for their support and investment in the business. We look forward to working with Solera whose automobile industry expertise will offer extensive synergies and opportunities for further international growth."
Tony Aquila, Solera's founder, chairman and chief executive, added: "We are pleased to have worked with Ian Rendle, Ed Shuckburgh and the CAP and Montagu teams to complete this important transaction.
"CAP's solutions are a key piece of our risk and asset management strategy in the UK, benefiting all of the stakeholders across an increasingly-digital automotive lifecycle.
"We are committed to building upon Montagu's investments and capitalising on the opportunities created by our 73-country global footprint."
EY provided financial advice to Montagu and CAP.
Law firm Addleshaw Goddard's corporate team led by Tim Wheldon with support from Dahren Naidoo, Amy Pierechod and Catherine Concannon, advised CAP management.