Genstar Capital, a leading private equity firm focused on investments in targeted segments of the financial services, healthcare, industrial, and software industries, announced today the sale of Innovative Aftermarket Systems (IAS), a premier marketer, administrator, and underwriter of vehicle protection products, to iA Financial Group (TSX: IAG).Fintech News
Headquartered in Austin, IAS is the leading provider of automotive warranties, vehicle services contracts (VSC), training, and related software and services sold across a broad and diverse distribution network. IAS has over 500 employees nationally and more than 4,300 active dealer relationships.
Ryan Clark, President and Managing Director of Genstar, 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.”
Patrick Brown, Chief Executive Officer of IAS, said, “The benefits of our partnership with Genstar can be seen through a variety of growth metrics, including increases in our coverage volume, premiums written, elevated customer service and most importantly empowering more vehicle owners with peace of mind during their ownership period. We’re grateful to the Genstar team for their support and excited for the growth opportunities that lie ahead as we join the iA family.”