HPI acquired by Solera

UK provenance supplier acquired by Audatex parent

HPI, the UK vehicle provenance and services company has been bought by Audatex parent Solera for £94.4m.

The price is well below the £120m publically listed Aviva paid for the business in 2004 when the insurance giant, which also owns Norwich Union and the RAC, was on the acquisition trail.

HPI said the move will have no impact on its current staff or location and that the business will continue operating as usual, though a spokesperson said HPI would be looking at options to benefit from working with Audatex as well as the rest of Solera’s international businesses.

The US Solera group specialises in car claims services, trading  in the UK as Audatex, one of the country’s biggest claims management operators.

HPI has sites in Salisbury and Harrogate and employs around 180 people. This sale follows Aviva’s sale of Auto Windscreens to Arques Industries.

Audatex and Aviva have been strategic international partners for more than a decade and the deal will see the two companies continue to work together.

Aviva’s UK general insurance CEO, Igal Mayer, said: “We’ll continue to have a long-term contractual relationship with HPI; the company will provide us with vehicle checks and act on our behalf as an introducer of motor insurance to its customers.”

Tony Aquila, Solera’s chairman and chief executive officer, said the acquisition would see HPI play an international role in the group.

“The HPI suite of products and services will enhance our delivery of decision support data and software applications to our insurer, car manufacturer, auto dealer, and finance company customers. We will begin exploring the extension of the HPI model both regionally and internationally within the Solera portfolio,” he said.