For the second time in a little more than three years, J.D. Power has new ownership.
According to a news release distributed late on Tuesday, leading private equity investment firm Thoma Bravo announced that it has reached an agreement to acquire J.D. Power, a global leader in data analytics and consumer intelligence.
The firm said the transaction is expected to close by year end, subject to customary closing conditions.
Upon closing, Thoma Bravo said it 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, according to the news release.
Thoma Bravo’s move involving J.D. Power arrived on the heels of the firm acquiring Autodata Corp. earlier this year.
Back in April 2016, J.D. Power’s previous owner — global alternative investments firm XIO Group — made a $1.1 billion cash deal with McGraw Hill Financial for the data-driven company.
Now J.D. Power leadership is excited about its new ownership.
“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,” J.D. Power president and chief executive officer Dave Habiger said in the Tuesday news release.
“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,” Habinger continued.
J.D. Power reiterated that it has been delivering incisive industry intelligence on consumer interactions with brands and products for more than 50 years. The company is headquartered in Costa Mesa, Calif., with offices in 16 cities throughout North America, Europe, Asia-Pacific and South America.
“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,” Crabill continued.
London-based XIO Group also shared its perspective on working with J.D. Power for the past three years.
“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,” XIO Group spokesperson Joseph Pacini said. “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.
Kirkland & Ellis is serving as the legal adviser, and Barclays and RBC Capital Markets are acting as financial advisoers to Thoma Bravo. Financing for the transaction is being provided by RBC Capital Markets, KKR and SunTrust Bank.