MIAMI, FL – (January 31, 2013) Trivest Partners (“Trivest”) today announced the successful completion of its acquisition of National Auto Care Corporation (“National Auto Care,” “NAC” or the “Company”), a rapidly growing marketer and administrator of vehicle service contracts. Christina Schrank and NAC’s current management team will continue to lead the Company’s daily operations. Pete Biscardi and Bill Speaks will remain active members of the NAC Board of Directors. National Auto Care represents the 12th platform company investment in Trivest Fund IV, a $325 million fund.
Headquartered in Westerville, Ohio and founded in 1984, NAC provides innovative, value-based vehicle service contracts (VSC) for the automotive, power sports and recreational vehicles industries. The Company’s products are sold through both franchise and independent automobile dealers throughout the United States. NAC’s products enhance a manufacturer’s warranty or provide coverage for repairs for used vehicles. The Company is backed by an AM Best “A” rated carrier and employs cutting edge technology to augment the customer experience.
Pete Biscardi stated, “My partner, Bill Speaks, and I are very excited about NAC’s partnership with Trivest. We believe that NAC will benefit from Trivest’s unique perspective and experience in the automotive sector. From the very beginning, Bill and I felt that Trivest was the right partner for the Company and throughout the diligence process, Trivest lived up to their promises. With Trivest, NAC is poised for tremendous growth and we will continue to uphold our commitment to providing the superior service our customers have come to expect of NAC.”
Troy Templeton, Trivest’s Managing Partner, stated, “We are pleased to have partnered with the National Auto Care team and we look forward to helping the Company continue its longstanding track record of growth and success. NAC is well aligned with our strategy to partner with growing, high integrity lower middle market businesses. Pete, Bill, Christina and the entire NAC team have done an incredible job managing a highly successful organization and we look forward to continuing the growth, innovation and passion the Company has displayed throughout its history.”
Trivest Partners is a private investment firm that focuses on partnering with founder/family owned businesses in the United States and Canada. Since its founding in 1981, Trivest has completed more than 190 transactions, totaling $4.9 billion in value. For additional information, please visit www.trivest.com.