SAN FRANCISCO, May 26, 2020 /PRNewswire/ -- Genstar
Capital, a leading private equity firm focused on investments in
targeted segments of the financial services, healthcare,
industrial, and software industries, announced today the sale of
Innovative Aftermarket Systems (IAS), a premier marketer,
administrator, and underwriter of vehicle protection products, to
iA Financial Group (TSX: IAG).
Headquartered in Austin, IAS is
the leading provider of automotive warranties, vehicle services
contracts (VSC), training, and related software and services sold
across a broad and diverse distribution network. IAS has over
500 employees nationally and more than 4,300 active dealer
relationships.
Ryan Clark, President and
Managing Director of Genstar, said, "IAS has been an incredibly
successful long-term investment for us since our acquisition in
2011. We are pleased with the evolution of IAS into one of
the leading automotive warranty platform businesses. IAS'
leadership under our ownership, first Bob
Corbin and then Patrick
Brown, delivered organic growth, strategic acquisitions,
additional product lines, and best-in-class technology
solutions. We want to thank Patrick, Bob and the entire IAS
team for their efforts that led to this successful outcome."
Patrick Brown, Chief Executive
Officer of IAS, said, "The benefits of our partnership with Genstar
can be seen through a variety of growth metrics, including
increases in our coverage volume, premiums written, elevated
customer service and most importantly empowering more vehicle
owners with peace of mind during their ownership period. We're
grateful to the Genstar team for their support and excited for the
growth opportunities that lie ahead as we join the iA family."
About Innovative Aftermarket Systems
Founded in 1984, IAS is the industry's first and most complete
Finance & Insurance (F&I) solutions provider offering
custom vehicle protection products, innovative F&I technology
solutions, renowned dealership training, turnkey reinsurance
programs and direct-to-consumer marketing services. In addition,
IAS has hundreds of agents throughout the
United States providing F&I management solutions,
aftermarket, technology and training products for many of the
top-100 dealer groups. The company is headquartered in Austin, Texas with offices across the
country. For more information, visit www.iasdirect.com.
About Genstar Capital
Genstar Capital (www.gencap.com) is a leading private equity firm
that has been actively investing in high quality companies for over
30 years. Based in San
Francisco, Genstar works in partnership with its management
teams and its network of strategic advisors to transform its
portfolio companies into industry-leading businesses. Genstar
currently has approximately $19
billion of assets under management and targets investments
focused on targeted segments of the financial services, healthcare,
industrial, and software industries.
Contact: Chris
Tofalli
Chris Tofalli Public
Relations
914-834-4334
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SOURCE Genstar Capital