Middle market private equity firm CIVC Partners has sold Innovative Aftermarket Systems to Genstar Capital. IAS, based in Austin, TX, is a provider of ancillary vehicle protection products, services, and software solutions sold primarily through franchised automobile dealerships in the US.
CIVC Partners, L.P., 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 Innovative Aftermarket Systems (“IAS” or the “Company”) to Genstar Capital, LLC.
IAS, based in Austin, TX, is the premier provider of ancillary vehicle protection products, services, and software solutions sold primarily through franchised automobile dealerships in the United States. IAS offers a comprehensive portfolio of products and services including anti-theft protection, tire and wheel coverage, guaranteed asset protection, windshield repair and replacement, key replacement, paintless dent repair, and appearance protection. IAS has developed a broad network of over 230 independent agents across 49 states who sell the Company’s products and services through approximately 2,400 franchised automobile dealerships.
CIVC acquired IAS in partnership with management in November 2007. CIVC worked closely with senior management to successfully rollout new products, expand into additional distribution channels, develop best-in-class business intelligence tools, further refine the Company’s leading technology capabilities, and drive growth in market share. The existing management team will continue to lead the Company.
“The support of CIVC has been critical to IAS’ growth over the past four years,” said Bob Corbin, President and CEO of IAS. “Their understanding of the dynamics of our industry and their ability to work with us as effective partners has helped us strengthen our position as a market leader in the industry.”
Scott Schwartz, a partner at CIVC, said, “Bob Corbin has done an exceptional job of leading IAS and delivering value for its agents and dealers. He and his senior team have exceeded our growth and profitability objectives for the Company.”
CIVC’s successful investment in IAS builds on the firm’s continued efforts 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. CIVC also owns a leading vehicle service contract administrator, GWC Warranty Corporation, serving over 2,000 automotive dealers nationally.
Macquarie Capital served as financial advisor and Freeborn & Peters LLP served as legal advisor to IAS.
About CIVC Partners, LP
CIVC Partners is a leading Chicago-based private equity firm with over 40 years of private equity experience. CIVC has completed 50 platform transactions and dozens of add-on acquisitions since 1989 for an aggregate enterprise value that exceeds $5 billion. CIVC currently manages over $1.3 billion in private equity funds and is investing out of a new fund, CIVC Partners Fund IV. CIVC focuses on companies operating within the business services and financial services industries.