Abry Partners, a Boston-based private equity firm, has agreed to acquire Portfolio Holding from Capital Z Partners, LP, a New York-based private equity firm. The transaction is subject to normal and customary closing conditions. Terms of the transaction were not disclosed.
Based in Lake Forest, Calif., with operations in Dallas, Texas, Portfolio is an independent provider of finance and insurance products and services to automotive dealers across the country, including vehicle service contracts, GAP insurance, and ancillary products. Its specialty is managing Affiliated Reinsurance Companies for dealership owners. Portfolio also administers warranty programs for other markets. All of Portfolio’s current management team will remain in their roles leading the Company and will retain significant equity ownership.
“To accommodate our tremendous growth, Abry will be the third and largest private equity investor in the company since 2012. They are committed to helping us attain yet another record level of growth,” said Brent Griggs, president and CEO of Portfolio. “Abry Partners has a strong background in the financial services sector, and we have selected them as the next ideal partner for us. The Portfolio team is focused on expanding our footprint nationally in the automotive space and we have begun to leverage our reinsurance and administrative expertise in other markets as we pursue new opportunities to build the business.”
