OEConnection LLC (OEC) Providence Equity Partners L.L.C. and Genstar Capital, announced an agreement for Genstar to acquire a majority stake in OEC from funds advised by Providence. As part of the transaction, current investors Ford Motor Company and General Motors will each retain their minority investments in the Company. Financial terms of the transaction were not disclosed.
OEC was founded in 2000 as a partnership between several original equipment manufacturers (OEMs), including Ford and General Motors, to provide technology solutions to facilitate the sale of OEM replacement parts between automakers and franchised dealers and their wholesale customers. Today, OEC serves
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