Proof of sale

London, Ont.-based Carproof has been sold for $650M to U.S. firm.

• Carproof, a fastgrowing London, Ont. company that provides detailed histories about used vehicles, has been sold for $650 million to a Colorado firm that also owns the company’s big U.S. competitor.

U. S.-based IHS Inc., parent company of Carfax, announced the Carproof acquisition Tuesday.

Not bad for a London company that was launched just 15 years ago by Paul Antony, now its board chair, who conceived the idea for it after being stung by a bad business deal.

“This company is a big London, Ont., success story,” said Antony, who called it “somewhat bittersweet” to see the company going to a big U. S. corporation.

Carproof supplies vehicle history reports to consumers, auto dealers, auctioneers, lenders, insurers and police.

Antony has a family history in the auto business, with his grandfather and father owing a car dealership and vehicle wholesale exporting business in Ingersoll.

After studying business at Western University, Antony got burned in a wholesale deal when he unknowingly bought some vehicles linked to an organized crime ring in Quebec.

That’s when he got the idea to start a company that could trace vehicle ownership and other important information.

The company grew steadily and was named the London Chamber of Commerce large business of the year in 2012. It made the annual lists of Canada’s best- managed and fastestgrowing companies.

In August 2013, the company was sold to Hellman and Friedman, a San Francisco- based equity firm, with some of the original founders retaining a share.

Ed Woiteshek moved over from Hellman and Friedman about a year later, replacing Antony as chief executive.

Antony sounded a wistful note about the sale.

“The company is going to the right people. IHS is the leading brand in global automotive data … but the company is your baby, a big portion of your adult life,” he said. Carproof now employs about 130 people.

Antony said IHS recognized Carproof ’s dominant position in the Canadian market.

“We are in a unique spot in Canada to provide transparency in the buying and selling of vehicles. As things move more online, the more important transparency becomes,” said Antony.

IHS spokesman Dan Wilinsky said Carproof will continue to operate independently as a subsidiary of IHS.

“We do not foresee any change in operations. Carproof will continue to operate as they have,” he said.

Antony said Carproof, which has a satellite office in Toronto, will keep its name and likely add staff because of the deal.

“There’s no plan to integrate the companies. We will operate as a stand-alone entity in London.”

In 2013 IHS acquired Carfax, a major U. S. company offering services similar to Carproof. Wilinsky said Carfax has also continued to operate independently.