IRVINE, Calif. — Income development company SouthWest Dealer Services (SWDS) has acquired Spokane, Wash.-based Evergreen Dealer & Insurance Services (Evergreen). Financial terms of the transaction were not disclosed.
A subsidiary of global holdings company Spencer Capital Holdings Ltd. (SCH), SWDS’s acquisition of Evergreen allows the firm to expand in existing markets and enter into new ones. It also brings additional scale, resources, and a broader solutions portfolio to both firms’ dealer clients, officials said.
“We understand that no two markets are the same, and neither should our services be. That’s why we seek out companies that specialize in their craft and understand the region in which they operate,” said Ryan Hoff, vice president of mergers and acquisitions for SWDS. “Evergreen’s reputation for stellar customer service, tailored products and long-term partnerships in Washington made them a natural fit, and will fuel the development of our company as an industry leader.”
The acquisition of Evergreen complements SCH’s existing portfolio of insurance-related companies. Dealers will realize increased access to products and services across the SCH platform, notably Spencer Re, a reinsurance firm focused on U.S. auto dealers, and USA Risk Group, an independent captive insurance provider.
“The acquisition allows us to capitalize on the wave of industry consolidation taking place among auto dealers, expand geographically and maintain the level of local support that our dealers are accustomed to,” said Larry Pomarico, executive vice president of sales for SWDS.
SWDS boasts more than 330 employees and more than 650 dealers across 16 states. There will be no personnel changes as a result of the merger, officials said.