CINCINNATI – Security National Automotive Acceptance Corp. (SNAAC) announced that it has closed on the sale of the company and its TriStar insurance affiliates to a group of private investors. The company also announced it has secured $450 million of senior debt financing to fund its growth plan over the next several years.
The existing senior management team will continue to lead the company under its new ownership, according to SNAAC.
“This transaction aligns our management team with partners who can deliver the resources to support them in their future growth. We are pleased to provide a bright future to our talented and dedicated associates,” said Becky Catino, co-founder and former co-CEO of SNAAC.
The national specialty finance company was formed in 1986 by Ted and Becky Catino, and has $280 million in finance receivables and a broad line of products operating under the TriStar brand. TriStar offers a full line of vehicle service contracts, insurance products and roadside assistance products.