HGGC Sells Automotive Service Technology Leader Dealer-FX to Snap-on
PALO ALTO, Calif., March 8, 2021 /PRNewswire/ -- HGGC, a leading middle-market private equity firm, today announced it has sold Dealer-FX (or "The Company"), a market-leading provider of customer experience and process automation software for automotive retailers and OEMs, to Snap-on Incorporated, an S&P 500 company and global innovator, manufacturer and marketer of tools, equipment, diagnostics and information solutions for professionals in automotive repair and other critical industries.
Since its investment in 2015, HGGC has partnered with Dealer-FX Founder and Chairman Gary Kalk to build the category-defining, SaaS-enabled service lane technology platform endorsed by leading OEMs—including Stellantis/FCA, Nissan, Infiniti, Toyota, Lexus, Hyundai, Kia, Mitsubishi and General Motors. During this time, Dealer-FX significantly scaled its signature One Platform and continues to lead the industry in innovation.
More recently, under the leadership of CEO Bill Lucchini, the Company has launched numerous new product offerings, such as Total Service Marketing, Mobile Payments, Visual MPI and contactless mobile check-in functionality while growing both OEM participation and dealer subscriptions.
"The HGGC team is delighted with Dealer-FX's progress as it grew to extend its leadership in dealership and OEM service solutions," said Steve Young, Co-Founder and President of HGGC. "We are confident that Dealer-FX will extend its track-record of innovation and continue to deliver world-class solutions."
"We're thrilled with this outcome for Dealer-FX, its employees and customers," added Dan Stanko, Partner at HGGC. "The strong customer partnerships, technology upgrades and team additions made during HGGC's ownership have made a great company even better as Dealer-FX continues to drive innovation and raise the industry standard for automotive service."
As a result of Dealer-FX's transformative growth throughout its partnership with HGGC, the company has been recognized as one of Deloitte's North America Fast 500 during four of the past six years.
"Our partnership with HGGC proved beneficial for our growth prospects, employee culture and technology infrastructure," said Dealer-FX CEO Bill Lucchini. "I'd like to thank Steve, Dan and the rest of the HGGC team for their support, particularly during a pandemic, in accelerating Dealer-FX's expansion and enhancing our positioning for long-term success with Snap-on."
"HGGC has been a great supporter of our mission to improve efficiency, profitability, retention and brand loyalty for OEMs and dealers," added Dealer-FX Founder and Chairman Gary Kalk. "We're now stronger than ever and excited about our future."
About HGGC
HGGC is a leading middle-market private equity firm with over $5.4 billion in cumulative capital commitments. Based in Palo Alto, Calif., HGGC is distinguished by its Advantaged Investing approach that enables the firm to source and acquire scalable businesses through partnerships with management teams, founders and sponsors who reinvest alongside HGGC, creating a strong alignment of interests. Since its inception in 2007, HGGC has completed more than 200 platform investments, add-on acquisitions, recapitalizations and liquidity events with an aggregate transaction value of over $28 billion. More information, including a complete list of current and former portfolio companies, is available at hggc.com.
About Dealer-FX
Dealer-FX is transforming how automotive retailers manage their service operations, organize repair information and interact with consumers. Through its SaaS product, with advanced data integrations and mobile technology, Dealer-FX streamlines processes and communication for automotive service departments while delivering convenience, transparency, and trust to consumers. From service scheduling to vehicle write-up, through to delivery, the Dealer-FX ONE Platform helps dealerships increase efficiency, profitability, retention, and brand loyalty. Dealer-FX is the exclusive, or preferred service technology provider for many leading OEMs including Stellantis / FCA, Nissan, Infiniti, Toyota, Lexus, Mitsubishi, GM, Kia, and Hyundai in the US, Canada, and Puerto Rico. Dealer-FX is based in Toronto, ON. Learn more at: dealer-fx.com.
About Snap-on
Snap-on Incorporated is a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks. Products and services include hand and power tools, tool storage, diagnostics software, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as for customers in industries, including aviation and aerospace, agriculture, construction, government and military, mining, natural resources, power generation and technical education. Snap-on also derives income from various financing programs to facilitate the sales of its products and support its franchise business. Products and services are sold through the company's franchisee, company-direct, distributor and internet channels. Founded in 1920, Snap-on is a $3.6 billion, S&P 500 company headquartered in Kenosha, Wisconsin.
SOURCE HGGC
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