Battery Ventures has made a majority investment in StoneEagle F&I, a tech provider in the automotive industry. No financial terms were disclosed. Stout Risius Ross Advisors represented StoneEagle F&I on the deal.
RICHARDSON, Texas–(BUSINESS WIRE)–StoneEagle F&I, one of the leading and most respected technology providers in the automotive industry, announces today it has received a majority investment by Battery Ventures, a global technology-focused investment firm.
“In searching for the right growth investment partner, Battery stood out from many others we looked at. Their operator-oriented approach, investment strategy and values-based culture could not be a better fit for us,” said Cindy Allen, CEO at StoneEagle F&I.
“At Battery, we look for exceptional companies with solid track records and compelling visions. We also look for top-notch executives and management teams we believe can turn vision into reality. That’s why we’re excited to work with the StoneEagle F&I team to help them take their company to the next level,” said Russell Fleischer, a Battery general partner who is joining StoneEagle F&I’s board. “Our partnership will allow the company to continue pursuing organic growth as well as create a platform for pursuing acquisition opportunities.”
StoneEagle F&I has spent decades understanding the key habits that drive both auto dealers’ profitability and create positive experiences for consumers shopping for automotive finance-and-insurance products. Common F&I products include vehicle service contracts, guaranteed asset protection (GAP) plans and ancillary products such as prepaid maintenance offerings, dent and ding protection, and wheel and tire coverage.
The company’s cutting-edge technology suite—focused on sales, service and reporting technologies as well as third party administration solutions–touches most players in the F&I space, including dealerships, general agents, third-party administrators, OEMs and associated services providers. StoneEagle F&I’s footprint provides everything customers and providers need to buy, protect and service vehicles throughout the entire vehicle ownership lifecycle. The new investment with Battery will allow the company to continue developing superior products and create a new industry benchmark for high-integrity technology and services.
“Growth and innovation are in our DNA. It is how we started 33 years ago and has led us many paradigm-shifting industry firsts. It continues to be our passion every day. Our partnership with Battery will allow us to take this mindset to a whole new level and continue our tradition of innovation,” said Brent Allen, StoneEagle F&I’s founder and executive director.
There will be no change in the roles, responsibilities and day-to-day operations of the executive team. As a result of the acquisition, both Bobby Allen and David Trinder will pursue retirement. Key leadership will remain in place Cindy Allen – CEO, Thomas Elliott – CFO, Kumar Kathinokkula — COO, Chris Tynes – CTO, Brent Allen – Founder & Executive Director, Buddy Rosenberg – Vice President Product Innovation, and Jason Gillette VP of Sales will continue to lead the charge.
StoneEagle F&I was represented in the transaction by Stout Risius Ross Advisors.
About StoneEagle F&I
StoneEagle F&I provides innovative solutions and legendary customer service to the retail automotive industry. Founded over 30 years ago, StoneEagle F&I provides industry-leading Metrics reporting, Menu sales tool and F&I product administration solutions make it possible for users across every facet of the F&I value chain to drive performance, improve efficiency and increase profitability. StoneEagle F&I’s solutions meet the needs of thousands of dealerships, general agencies, F&I product providers and OEM’s throughout North America.
About Battery Ventures
Battery partners with exceptional founders and management teams developing category-defining businesses in markets including software and services, enterprise infrastructure, online marketplaces, healthcare IT and industrial technology. Founded in 1983, the firm backs companies at all stages, ranging from seed and early to growth and buyout, and invests globally from offices in Boston, San Francisco, Menlo Park, Israel, London and New York. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery’s portfolio companies here.