Wednesday, Jul. 01, 2020, 12:06 PM
Portfolio has officially acquired National Automotive Experts and NWAN, uniting two leaders in the F&I product provider, administration and reinsurance space and closing an agreement initially announced in March.
Portfolio president and chief executive officer Brent Griggs noted the world has changed unalterably since the companies first announced the move.
“The pandemic has affected every aspect of our operations. However, our shared interest in protecting and supporting our dealers, distribution partners and end customers has not wavered,” Griggs said in a news release distributed on Wednesday.
“The fact that we prevailed through numerous additional hurdles on our way to closing is a testament to our determination to make this transaction happen from our very first discussions with NAE and our shared goal of creating the leading F&I provider in the country,” he continued.
NAE/NWAN founder and CEO Kelly Price added, “Our complementary footprints and offerings were apparent from the outset. We could not have found a better partner.
“Both companies have been made stronger by our union and we look forward to writing our next chapter together,” Price went on to say.
The transaction was facilitated with assistance from Abry Partners, the Boston-based private equity firm that acquired a majority interest in Portfolio in 2019, and Houlihan Lokey, which advised NAE/NWAN. Kirkland & Ellis served as legal advisor.
“This acquisition joins the efforts of two leaders in a competitive space,” said Brent Stone, a senior partner at Abry. “The combined companies’ talent and resources are without equal and the future is bright.”