FORTUNE — Private equity firm Leonard Green announced in January that it had paid more than $500 million to acquire CCC Information Services, a Chicago-based provider of software and workflow tools to the automotive insurance claims and collision repair markets.
What Leonard Green didn’t announce, however, was that it then planned to sell around 50% of its interest in CCC to TPG Capital.
Fortune has confirmed the transaction with multiple sources, who say that discussions between the two firms began after Leonard Green had signed the original term sheet last November with seller Investcorp.
TPG was viewed as a particularly attractive partner due to its deep experiences in China, which CCC was seeking to expand. TPG also had deep software expertise, and had worked repeatedly with Leonard Green on other deals like Petco, J. Crew and Savers.
Both private equity firms declined to comment.
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