United Automobile Holdings said April 26 that received a $45 million growth investment form Victory Park Capital. It’s unclear how big is Victory’s stake. United Automobile, of Miami Gardens, Florida, provides low-cost insurance products to the non-standard automobile insurance market. Young America Capital served as United Auto’s financial adviser.
United Automobile Holdings Secures $45 Million Growth Investment from Victory Park Capital
Investment will enhance United Auto’s balance sheet and support numerous growth initiatives following its recent strategic repositioning
April 26, 2018 09:00 AM Eastern Daylight Time
CHICAGO & MIAMI–(BUSINESS WIRE)–Victory Park Capital (“VPC”), a leading investment firm based in Chicago, announced today that it recently made a $45 million investment in Miami Gardens-based United Automobile Holdings, LLC (“United Auto”).
Founded in 1989, United Auto is a leading provider of non-standard auto insurance products in the United States, with a primary focus on serving various Florida and Texas markets. The company’s unique suite of capabilities come from its two operating subsidiaries, namely United Automobile Insurance Company (“UAIC”), a regulated property and casualty insurance carrier focused on the non-standard automobile market, and United Group Underwriters, Inc. (“UGU”), a managing general agency specializing in sourcing and underwriting non-standard auto insurance policies. The company’s products are primarily offered through a network of approximately 1,780 independent agencies and brokers.
VPC’s investment will be used to enhance United Auto’s balance sheet and support numerous growth initiatives in its core markets throughout Florida and Texas. This investment comes following a strategic repositioning of United Auto’s business and a renewed focus by the company on enhancing its leading position in Florida and Texas.
“With an impressive track record of success and an ability to really understand our business, Victory Park Capital was the clear choice for us,” said Richard Parrillo, Sr., founder and CEO of United Auto. “The firm was able to offer tremendous flexibility and developed a unique financing solution that will enable us to accelerate our growth plans while also achieving our numerous other business objectives. We look forward to working with the VPC team to strengthen our core business and continue growing our service capabilities.”
As part of the transaction, Richard Levy, founder and CEO of VPC, and Charles Asfour, partner at VPC, have joined United Auto’s board of directors to help advise on strategic growth initiatives.
“With decades of industry-leading experience in non-standard auto insurance, a renewed focus on its core markets and a very strong balance sheet, we’re confident United Auto is well positioned to execute on its growth strategy. We couldn’t be more excited to partner with the United Auto team during this next chapter of growth,” said Asfour.
Young America Capital served as United Auto’s financial advisor in connection with the transaction.
About United Automobile Holdings, LLC
United Auto was incorporated on March 2, 1989 in Miami Gardens, FL to provide a high quality and low-cost insurance products to the non-standard automobile insurance market. The company is family owned and it is one of the largest privately held property and casualty insurance companies in the United States. Its two operating subsidiaries include, UAIC, a regulated property and casualty insurance carrier focused on the non-standard automobile market, and UGU, a managing general agency specializing in sourcing and underwriting non-standard auto insurance policies. The Company’s products are primarily offered through a network of approximately 1,780 independent agencies and brokers. For more information, please visit: www.uaig.com.
About Victory Park Capital
Victory Park Capital Advisors, LLC (“VPC”) is a privately held, SEC-registered, global alternative investment firm. Through its complimentary business strategies, VPC finances both emerging and established businesses across various industries with the goal of accelerating value creation. The firm’s differentiated offerings leverage broad special situations and credit structuring expertise, disciplined deal origination, creative financing capabilities and an extensive network of industry relationships. VPC was founded in 2007 and is headquartered in Chicago with additional offices in New York and Los Angeles. For more information, please visit: www.victoryparkcapital.com.
About Young America Capital
Founded in 2000, Young America Capital is a New York-based FINRA/SEC/MSRB licensed independent investment bank and broker-dealer which provides capital raising, M&A advisory and fund marketing services for companies and alternative investment fund managers. The company is comprised of a diverse group of senior investment banking professionals with particularly deep sector experience in Consumer & Retail, Energy & Clean-Tech, Technology, Media and Telecom, Healthcare & Life Sciences, Financial Services & Fin-Tech, Real Estate, and Latin America. www.yacapital.com.