CIVC Partners, a middle market private equity firm focused on investments in the financial services and business services sectors, has sold GWC Warranty Corporation to Stone Point Capital. Headquartered in Wilkes-Barre, PA, GWC is a marketer, administrator, and underwriter of vehicle service contracts sold through automobile dealers.
CIVC Partners, LP, a middle market private equity firm focused on investments in the financial services and business services sectors, is pleased to announce the successful sale of GWC Warranty Corporation (“GWC” or the “Company”) to Stone Point Capital LLC.
Headquartered in Wilkes-Barre, PA, GWC is a best‐in‐class marketer, administrator, and underwriter of vehicle service contracts sold through automobile dealers. GWC markets its products through a highly differentiated distribution network that leverages an in-house sales force as well as strategic partnerships with independent agents and finance companies. GWC sells through a base of over 3,000 dealers across nearly 40 states.
The transaction completes a successful partnership between GWC and CIVC Partners. During the course of its investment, CIVC worked closely with senior management to successfully rollout new products, expand into multiple distribution channels, build the geographic footprint, and drive growth in market share. “We have greatly expanded our capabilities as a company by investing in our team, our technology and infrastructure, and our product offering making GWC a clear leader in the industry,” said Rob Glander, CEO of GWC. “This growth was facilitated by CIVC’s deep understanding of the industry and willingness to work alongside us as a supportive and value-added partner.”
“Rob Glander and his team have done an exceptional job building the Company into one of the leading service contract administrators,” said Scott Schwartz, a partner at CIVC. “We have enjoyed our partnership and are confident in the Company’s continued success. The outcome underscores CIVC’s commitment to partnering with talented management teams in building industry leading companies.”
CIVC’s investment in GWC builds on the firm’s experience in the financial services industry and, more specifically, the automotive finance and insurance sector. In October of 2011, CIVC acquired Honor Finance, an automotive finance company serving non-prime customers. Also, in December 2011, CIVC sold Innovative Aftermarket Systems, another leading automotive finance and insurance provider focused on ancillary vehicle protection products.
William Blair served as financial advisor and Freeborn & Peters LLP served as legal advisor to GWC.
About CIVC Partners, LP
CIVC is a seasoned private equity firm investing equity capital in high growth companies for over forty years. The firm manages over $1.3 billion in private equity funds and focuses on companies operating within the business services and financial services industries. CIVC’s investment team has completed 54 platform transactions and dozens of add-on acquisitions since 1989 for an aggregate enterprise value that exceeds $5 billion. More information on CIVC Partners and its portfolio companies can be found at www.civc.com.
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