GWC Warranty News

02/21/2013 10:00 am | BY GWC Warranty

Stone Point Capital Acquires GWC Warranty Corporation from CIVC Partners

GREENWICH, CONN. – Stone Point Capital LLC announced today the acquisition of GWC Warranty Corporation and certain affiliated entities (GWC) from CIVC Partners. Trident IV L.P., a private equity fund managed by Stone Point Capital, together with GWC’s management team, acquired the company. Headquartered in Wilkes-Barre, Pennsylvania, GWC is a best-in-class marketer, administrator and underwriter of vehicle service contracts sold primarily through independent automotive dealers throughout the U.S.GWC will be held under the same holding company as Automobile Protection Corporation (APCO), another Trident IV portfolio company. APCO is a marketer and administrator of vehicle service contracts and related benefits sold through franchised automotive dealers. GWC and APCO are highly complementary businesses with limited overlap between the two companies’ end markets, distribution strategies and product sets. This acquisition provides Stone Point with the ability to offer vehicle service contracts and other ancillary products to every independent and franchised dealer in the U.S.

“We are excited to be partnering with Stone Point for the next stage of GWC’s growth,” said GWC CEO Rob Glander. “Stone Point has a strong track record investing in the insurance and warranty sectors and will be a valuable strategic partner for our company as we continue delivering outstanding service to our customers.”

Charles A. Davis, CEO of Stone Point Capital, said “We are delighted about the opportunity to partner with Rob Glander and the rest of the GWC management team. We have been studying the warranty and extended service contract administration industry since 2000, and this is our third investment in the sector. GWC has a strong reputation as a leading warranty administrator and insurer, and we look forward to working with the management team to continue their success and take the business to the next level.”

About GWC Warranty
Established in 1995, GWC Warranty is the largest, best-in-class provider of used vehicle service contracts in the automotive industry. Named a Motor Trend® Recommended Best Buy for independent dealers, GWC Warranty is committed to providing its dealer partners with service, products, training and technology to make them more successful. GWC Warranty has helped bring a “No Worries, Just Drive” experience to more than 1.5 million drivers nationwide. GWC Warranty, rated A+ by the Better Business Bureau, is owned by Stone Point Capital, a Connecticut-based investment firm with aggregate committed capital of more than $13 Billion. For more information about GWC Warranty please visit www.GWCwarranty.com.

About Stone Point Capital LLC
Stone Point Capital LLC is a global private equity firm based in Greenwich, Connecticut, that has a 25-year record of making successful investments in the financial services industry. Stone Point Capital serves as the manager of the Trident Funds, which have raised more than $9 billion in committed capital to make investments in lending, banking, insurance, asset management and other financial services companies. For further information about Stone Point Capital, see www.stonepoint.com.

About Automobile Protection Corporation
APCO, established in 1984, is a leading marketer and administrator of extended vehicle service contracts and warranties sold by automotive OEMs as well as automobile and recreational vehicle dealers located throughout the United States and Canada. The company markets its products using the EasyCare brand, as well as other private label automobile manufacturer STONE POINT CAPITAL brands, through a network of independent agents that specialize in consulting with and servicing the automotive and RV dealership market. For further information about APCO, see www.easycare.com.