Genstar wraps up sale of Innovative Aftermarket Systems to iA Financial
Genstar Capital said that it has wrapped up its $720 million sale of Innovative Aftermarket Systems (IAS), a marketer, administrator, and underwriter of vehicle protection products, to iA Financial Group.
Based in Texas, Innovative Aftermarket Systems is a provider of automotive warranties, vehicle services contracts (VSC), training, and related software and services that are sold across a wide and diverse distribution network. Innovative Aftermarket Systems has more than 500 employees across the US and 4,300 plus active dealer relationships.
Ryan Clark – President and Managing Director of Genstar Capital said: “IAS has been an incredibly successful long-term investment for us since our acquisition in 2011. We are pleased with the evolution of IAS into one of the leading automotive warranty platform businesses.
“IAS’ leadership under our ownership, first Bob Corbin and then Patrick Brown, delivered organic growth, strategic acquisitions, additional product lines, and best-in-class technology solutions. We want to thank Patrick, Bob and the entire IAS team for their efforts that led to this successful outcome.”
iA Financial Group is an insurance and wealth management group in Canada, which announced the deal in December 2019 with an objective to take a leading place in the US vehicle warranty market.
At the time of signing the deal, iA Financial Group said that the acquisition of Innovative Aftermarket Systems is highly complementary to its existing warranty operations in the US with respect to product suite, geographic scope, and distribution networks. The Canadian group said that synergies from the combined operations will result in a true center of excellence in dealer services that will offer a platform for future growth.
Patrick Brown – President and CEO of Innovative Aftermarket Systems said: “With the strength and resources of iA, we look forward to continuing to grow and providing the best products and services in the industry to our long-standing partners and customers. We’re excited for the opportunities that lie ahead as a part of the iA family and can’t wait to get to work.”