Genstar Capital is selling Innovative Aftermarket Systems, an administrator and underwriter of vehicle protection products, to iA Financial Group. Genstar acquired Innovative Aftermarket Systems in 2011.
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.