London-based private equity firm XIO Group said Thursday it completed its $1.1 billion acquisition of J.D. Power and Associates.
J.D. Power is known in the automotive industry for its consumer studies of vehicle quality and reliability. It will remain headquartered in Costa Mesa, Calif., according to a statement.
“This is an exciting time for J.D. Power,” President Finbarr O’Neill said in a statement. “We are joining a firm with the resources and motivation we need to accelerate our growth, bolster our competitive position and broaden our global footprint.”
XIO Group, which is also based in Shanghai and Hong Kong, this year beat out private equity firm Advent International Corp. in an auction for J.D. Power, according to an April report by Reuters. J.D. Power was previously owned by McGraw Hill Financial Inc., which bought it in 2005.
“The acquisition of J.D. Power underscores our focus of investing in market-leading businesses in North America and Europe with untapped potential for global expansion, and helping to capitalize on these opportunities in high-growth markets,” XIO Group Partner Carsten Geyer said in a statement. “J.D. Power is the perfect fit for this strategy.”
J.D. Power employs more than 700 people. McGraw Hill Financial estimated in October 2015 that J.D. Power’s annual 2016 revenue would be about $350 million.