SAN FRANCISCO — Genstar Capital LLC, a middle market private equity firm, has acquired Innovative Aftermarket Systems (IAS), a marketer, administrator and underwriter of vehicle protection products and related services sold through franchised automobile dealers in 49 states.
"We are excited to be partnering with Bob Corbin and the entire IAS management team. Over the past 30 years, IAS has become one of the nation's leading vehicle protection product and services providers and, through its focus on customer service and product quality, has built lasting relationships with hundreds of independent agents and thousands of automobile dealerships,” said Ryan Clark, managing director at Genstar. “Genstar's focus in the insurance sector is to target companies like IAS that focus on a niche segment of the market, and we believe IAS has a distinct advantage through its existing distribution channel and underwriting capabilities."
Clark added that IAS will continue its association with Assurant Solutions under its five-year underwriting agreement. Additionally, Bob Corbin, president and CEO of IAS, will continue to lead the company as CEO. The seasoned auto industry executive has 30 years of industry experience. He has served as company president since 2002 and chief executive officer since 2009.
"We are excited to be partnering with IAS management to expand on IAS' leading quality underwriting and customer service to drive growth both organically and through acquisitions,” said Eli Weiss, vice president at Genstar. “The management team's long-term commitment to its customers and partners was very compelling to us."
Macquarie Capital acted as financial advisor to IAS in the transaction. Ropes & Gray LLP provided legal counsel to Genstar on the transaction. For more information, visit www.iasdirect.com.