TPG Capital closes acquisition of MDA property information units
Private equity group TPG Capital closed its acquisition of the property information business of MacDonald, Dettwiler and Associates. The buyout firm bought the property information businesses of MDA in a $850 million deal originally announced in November. TPG also named Chris Cartwright CEO of U.S. operations of the new unit. Cartwright, 45, most recently served as CEO of the corporate and financial services division of Wolters Kluwer, a global information services and software company. The acquisition includes Marshall & Swift/Boeckh, or MSB, which provides building information to the property and casualty insurance sector. It also includes MDA Lending Solutions, a provider of settlement services to lenders; MDA DataQuick, a real estate data analyzer; and MDA MindBox, a leading technology provider that streamlines customer and back-end workflow. The businesses provide property information and services to insurance, financial, legal and real estate professionals. "TPG is enthusiastic about the prospects for the property information business, which is a leader in nearly all of the markets it serves," said Nehal Raj, a principal at TPG. "We are committed to building on this market leadership over the next several years by opportunistically investing in growth organically and via acquisition." TPG Capital, formerly known as Texas Pacific Group, is a global private investment firm with $47 billion of capital under management. Write to Kerry Curry.