LMP sells F&I products provider NAC to APCO

The buyer is APCO Holdings.

  • Piper Sandler & Co. and Schulte Roth & Zabel LLP advised LMP and NAC on the transaction while Weil, Gotshal & Manges LLP advised APCO
  • NAC was founded in 1984
  • LMP invests in financial services, financial technology and related business services

Lovell Minnick Partners has sold National Auto Care, a Florida-based provider of F&I products to auto, powersport, RV dealerships, credit unions and numerous other financial institutions. The buyer is APCO Holdings LLC.

No financial terms were disclosed.

NAC was founded in 1984.

“We have had a terrific partnership with Tony, Courtney, and the entire NAC team, and we are proud of the growth rate NAC was able to achieve to differentiate itself in a crowded market,” said Trevor Rich, a partner at LMP, in a statement. “Completing 21 acquisitions since 2020 was no small feat and is a testament to the unique platform that the NAC team has built. NAC has become the acquirer of choice in the F&I market and the Company’s growth story, coupled with its value prop, has attracted many F&I agents and administrators looking to find their next partner to accelerate growth.”

Piper Sandler & Co. and Schulte Roth & Zabel LLP advised LMP and NAC in connection with the transaction. Weil, Gotshal & Manges LLP advised APCO in connection with the transaction.

NAC is a provider of products such as vehicle service contracts, guaranteed asset protection, limited warranty, tire and wheel and a full suite of ancillary protection products nationwide.

LMP invests in financial services, financial technology and related business services. Since its inception in 1999, LMP has $3.5 billion of committed capital.

Since 1984, APCO is a provider and administrator of F&I products for the auto industry.