SOURCE: Stone Point Capital

March 02, 2007 08:41 ET

Trident IV, L.P. Agrees to Acquire Automobile Protection Corporation (APCO) From Ford Motor Company

GREENWICH, CT -- (MARKET WIRE) -- March 2, 2007 -- Trident IV, L.P. announced today that, in partnership with APCO's management team, it has entered into a definitive agreement to acquire APCO from Ford Motor Company. APCO's management team has committed to purchase a significant portion of APCO's equity on the same terms as Trident IV. APCO, based in Norcross, Georgia, offers vehicle service contracts and related after-market products to dealers of all makes and models. Trident IV is a private equity fund managed by Stone Point Capital LLC.

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 brands, through a network of independent agents that specialize in consulting with and servicing the automotive and RV dealership market.

"We have learned a lot over almost eight years with Ford and appreciate our time spent as part of a great company," said Larry Dorfman, Chairman and CEO of APCO. "We are excited about partnering with Trident IV and Stone Point Capital to continue to deliver outstanding results and service to our customers. Our entire team is focused on the opportunities that lie ahead."

Charles A. Davis, CEO of Stone Point Capital, said, "We are delighted about the opportunity to partner with Larry Dorfman and his management team. The APCO management team's significant personal investment in the company alongside Trident IV assures solid continuity in the management of the business. We have been studying the warranty and extended service contract administration industry since 2000, and this is our second investment in this sector. APCO has a strong reputation as a leading warranty administrator, an aggressive and creative sales and marketing approach, and is known for its high quality service, claims handling capabilities and product innovation."

Steve Friedman, Chairman of Stone Point Capital, said, "I am very impressed with APCO's management team and we look forward to working with them as they continue their growth in this core sector of the economy."

ING Capital LLC will arrange the debt financing for this transaction.

Stone Point Capital is a global private equity firm that manages the Trident Funds and has raised more than $8 billion in committed capital to make investments in the global insurance and financial services industries.

Contact Information

  • Contact Information:
    Charles A. Davis
    Stone Point Capital LLC
    (203) 862-2900