San Francisco-based private equity firm Genstar Capital, LLC said it has acquired Innovative Aftermarket Systems, which underwrites and markets motor vehicle protection products and related services sold through franchised automobile dealers.
Headquartered in Austin, Texas, IAS offers finance and insurance products and services including anti-theft protection, tire and wheel coverage, windshield repair and replacement, key replacement, paintless dent repair and appearance protection systems. IAS also offers guaranteed asset protection (GAP) that pays the difference between the actual cash value and loan balance of an automobile if a customer’s vehicle is stolen or totaled in a collision.
Genstar said the company’s products are offered through a network of independent agents to automobile dealers in 49 states. In addition, IAS offers its dealers a technology system for selling the products.
Bob Corbin, who has served as president of IAS since 2002 and CEO since 2009, will continue to lead the company as CEO.
Earlier this month, Genstar Capital LLC completed its acquisition of Insurity, the former LexisNexis Insurance Software Solutions business, a provider of software and services to the property/casualty insurance industry.
Topics Mergers & Acquisitions Texas
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