Crestview Partners has acquired Clearwater, Florida-based Protect My Car, a provider of extended warranty products for vehicles. No financial terms were disclosed. Colonnade Securities LLC served as financial adviser to PMC on the transaction while Sandler O’Neill + Partners L.P. did likewise for Crestview.
NEW YORK and CLEARWATER, Fla., Sept. 6, 2018 /PRNewswire/ — Protect My Car (“PMC” or the “Company”) today announced that funds managed by Crestview Partners (“Crestview”), together with members of PMC’s management team, have completed the acquisition of the Company from a private investor group. Financial terms of the transaction were not disclosed. Craig Rubino, who founded PMC in 2007 and has been CEO since, will continue to lead PMC as CEO and serve as a member of the Company’s Board of Directors.
Headquartered in Clearwater, FL, PMC is one of the nation’s leading providers of extended warranty products for vehicles, including vehicle service contracts. In 2018, for the second consecutive year, PMC earned a spot on the Tampa Bay Business Journal’s (TBBJ) “Fast 50,” which recognizes the 50 fastest-growing private companies in the Tampa Bay area. The Company also placed 663 on the Inc. 5000 and was named the 2nd best place to work in Tampa Bay.
Craig Rubino said, “We are excited about the next phase of PMC’s evolution, and we could not have asked for a stronger or more experienced partner at this time than Crestview. Crestview’s leadership team shares our vision that long-term success is rooted in delivering exceptional customer value and service, building robust strategic partnerships, establishing strong fundamentals while remaining agile and flexible and engaging employees on the front line and back end. We look forward to a mutually beneficial and rewarding relationship with Crestview for many years to come.”
“At Crestview, we build long-term value-added partnerships that enable businesses to unlock and achieve their full potential,” commented Alex Binderow, a Partner at Crestview. “Under Craig’s leadership, PMC has thrived in a competitive and customer-centric environment by providing high value-added service contract products for vehicle servicing and repairs. Crestview is excited about this investment and looks forward to working with PMC to capitalize on the numerous opportunities in front of the Company.”
Colonnade Securities LLC served as financial advisor to PMC and Sandler O’Neill + Partners, L.P. served as financial advisor to Crestview in this transaction.
Founded in 2008, Protect My Car is one of the leading providers of extended warranty products in the United States. The Company is based in Clearwater, Florida and serves as a vertically-integrated seller and administrator of vehicle service contracts and maintenance products that protect vehicle owners from unexpected costs of servicing, repairs and parts replacement. The Company’s extended coverage plans are ideal for consumers with cars less than 10 years old and with fewer than 150,000 miles, and whose manufacturer’s warranties have expired or will expire soon. Consumers with vehicles older than 10 years or with more than 150,000 miles can take advantage of Protect My Car’s “Ambassador” line of products, which include 24/7 roadside assistance, rental car reimbursement and repair bill savings of at least 50 percent. All of Protect My Car’s products are offered with a “Free Look” trial period – if new customers are not completely satisfied, then they can contact Protect My Car’s Customer Service Department within 30 days and receive a full refund of their down payment. For more information, please visit: https://protectmycar.com.
Founded in 2004, Crestview is a value-oriented private equity firm focused on the middle market. The firm is based in New York and manages funds with over $8 billion of aggregate capital commitments. The firm is led by a group of partners who have complementary experience and distinguished backgrounds in private equity, finance, operations and management. Crestview has senior investment professionals focused on sourcing and managing investments in each of the specialty areas of the firm: media, industrials, energy and financial services. For more information, please visit: www.crestview.com.