CIVC Partners, L.P. announced that it has teamed with management to complete its acquisition of Innovative Aftermarket Systems, L.P. and related entities (collectively, “IAS” or the “Company”), a marketer and administrator of ancillary vehicle finance and insurance products headquartered in Austin, Texas. CIVC’s investment will provide additional resources for the continued expansion of the Company, while preserving the superior levels of service that customers have come to expect. Although terms of the transaction were not disclosed, IAS’ Chief Executive Officer Garret Lacour and President Bob Corbin retained ownership positions in the Company and will continue in their current roles. IAS markets and administers a full suite of ancillary finance and insurance products, including guaranteed asset protection, tire and wheel coverage, theft deterrent systems, paintless dent repair, and appearance protection systems. The Company’s products are offered through a network of independent agents to automobile dealers in 49 states. In addition, IAS offers its dealers one of the leading technology platforms in the industry. For additional information about IAS, visit its website at www.iasdirect.com.
“We are thrilled to be partnering with a CIVC team that enthusiastically supports our vision for IAS. CIVC’s deep knowledge of the finance and insurance industry was evident during the transaction process and we look forward to working with a true value-added partner as we successfully execute our strategy for growth.” said Garret Lacour, Chief Executive Officer of IAS.
Scott Schwartz, a Principal with CIVC, commented, “CIVC is delighted to be partnering with Garret Lacour, Bob Corbin, and the entire IAS management team. Over the past 25 years, IAS has built lasting relationships with hundreds of independent agents and thousands of automobile dealers and, under the leadership of Garret and Bob, has become one of the nation’s leading providers of ancillary vehicle finance and insurance products.”
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