Trident IV Agrees to Acquire Ford's Automobile Protection Corporation (APCO) From Ford Motor Company
Six months after saying it was exploring a possible sale of APCO, Ford Motor Company is expected to unload its subsidiary to Trident IV L.P., a private equity fund managed by Stone Point Capital.
Greenwich, Conn. — Six months after saying it was exploring a possible sale of APCO, Ford Motor Company is expected to unload its subsidiary to Trident IV L.P., a private equity fund managed by Stone Point Capital. Financial terms have not been disclosed and the sale is scheduled to be completed in the second quarter of 2007
Most of APCO’s management will remain in place as it purchased a significant portion of APCO’s equity on the same terms as Trident IV. The transaction is the result of Ford’s review of strategic options for its business, announced by the company in October 2006.
"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."
The Norcross, Ga.-based APCO, a subsidiary of Ford Motor Company since the automaker purchased it in July 1999, offers vehicle service contracts and related after-market products to dealers of all makes and models. 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 are delighted about the opportunity to partner with Larry Dorfman and his management team,” said Charles A. Davis, CEO of the Greenwich, Conn.-based Stone Point Capital, which 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. “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."
ING Capital LLC will arrange the debt financing for this transaction.
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